Mubasher: Barwa Real Estate Company on Sunday announced that the Supreme Court in Qatar has fined the company QAR 153.06 million ($41.68 million) for the favour of Panceltica for Ready Made Buildings Company “Under Liquidation”.
The judgment came on the back of an objection No 423 for 2018 filed from Panceltica against Barwa Real Estate, according to a filing to the Qatar Stock Exchange (QSE).
The case was regarding a dispute on 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.
The Qatari real estate company is expected to pay such amount in cash, according to the statement.
The fine will affect the firm’s financial results of the fourth quarter of 2018.
By the end of Sunday’s session, Barwa Real Estate’s stock rose 0.99% at QAR 38.72.
