Al Mazaya Holding Co. disclosed a lawsuit (Case No. 35/2026) filed by twelve shareholders of First Dubai Real Estate Development Co. regarding their merger by amalgamation.
The plaintiffs seek the appointment of a tripartite expert committee to review financial records, asset valuations, and Board of Directors' conduct for both companies.
The claim aims to verify share valuations and determine potential compensatory damages for the plaintiffs based on the expert report findings.
As of April 6, 2026, no court verdict has been issued, and the expected financial impact on Al Mazaya Holding is currently undetermined.