Barwa Real Estate Company (Q.P.S.C.) announced the issuance of a judgement from the Supreme Court in Qatar regarding the objection no. 423/2018 filed from Barwa against Panceltica for Ready Made Buildings Company "Under Liquidation". The outcome of the said judgement is that Barwa Real Estate Company (Q.P.S.C.) is committed to pay Panceltica for Ready Made Buildings Company "Under Liquidation" an amount of QAR 153,056,303.64 (Qatari Riyals one hundred fifty-three million fifty-six thousand three hundred and three and 64 dirhams) as well as expenses.
The facts of the court case subject of the Supreme Court judgement mentioned above, refers to a dispute regarding a construction contract between Barwa Real Estate Co. and Panceltica for Ready Made Buildings Company "Under Liquidation". The dispute was related to Barwa Real Estate Company's project in Meseimeer and Al Sailiya areas, where both parties exchanged filing cases against each other during 2009 and 2010, a matter which ended with the issuance of the mentioned Supreme Court judgment.
By issuance of the said Supreme Court judgement, the judged amount became final. It is expected to pay such amount in cash, additionally it will affect the Statement of Profit or Loss of the company for the fourth quarter of 2018 in the amount of QAR 133 million as expenses.