Arabi Holding Group has made a disclosure to Boursa Kuwait, announcing a significant development in favor of its subsidiary, Arabi Enertech KSC (OTC #779), against Kuwait Oil Company. The judgment, issued in the first degree, pertains to the termination of contract No. 16053293, which involved inspection and maintenance services for storage tanks. Arabi Enertech had requested the appointment of an expert to assess the situation, and the judgment was based on the expert's report.
According to the operative judgment, Kuwait Oil Company has been ordered to pay Arabi Enertech KD 339,113.710 (three hundred thirty-nine thousand, one hundred thirteen Kuwaiti dinars and seven hundred and ten fils). This amount represents the value of services provided under the contract. Additionally, Kuwait Oil Company is obligated to cover the costs associated with the lawsuit and pay KD 300 (three hundred Kuwaiti dinars) as legal fees. The judgment, however, rejected all other requests made by Arabi Enertech.