| Element List | Explanation |
|---|---|
| Introduction | A claim from MIDAD Real Estate Company for consequential damages brought upon the company (Zamil Air Conditioning and Refrigeration Services) subsidiary of Zamil Air Conditioners Holding Company, which itself a subsidiary of Advanced Building Industries Company for a value equal to 376,149,957.00 SAR including 37,614,957.00 SAR as attorney’s fees. |
| Lawsuit Opponent | MIDAD Real Estate Company |
| Name of the Plaintiff | MIDAD Real Estate Company |
| Type of the Lawsuit | Commercial case |
| Name and Location of the Competent Judicial Authority | Commercial court of Jeddah |
| Date of Submitting the Lawsuit | 2025-11-13 Corresponding to 1447-05-22 |
| Summery of the Lawsuit and its Reasons | The plaintiff MIDAD Real Estate Company sued the subsidiary company Zamil Air Conditioning and Refrigeration Services, claiming compensation for construction services to finalize contracting works consisting of manufacturing, supply and installation as a main contractor "according to the plaintiff's claim" of an amount of compensation amounted to the company in the amount of 376,149,957.00 SAR including 37,614,957.00 SAR as attorney’s fees. |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | At this stage, the financial impact of this case cannot be determined, and any developments related to this case will be announced in due course |
| Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing | At this stage, the legal, regulatory, or operational risks cannot be determined, and any developments related to this case will be announced in due course. |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | The Company, based on the documents available to it regarding the subject project, has obtained legal advice confirming the strength of the subsidiary’s position in accordance with the Commercial Courts Law, the Civil Transactions Law, and the relevant regulations. The Company does not expect to incur any liability as a result of the lawsuit filed against it. |
The Company has also appointed an external lawyer to respond to the lawsuit and to defend the Company’s interests.
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