Claim No: CFI 016/2016
THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS
IN THE COURT OF FIRST INSTANCE
RASMALA INVESTMENTS HOLDINGS LIMITED
AMER SAAD FAWZI AL KHAYYAT
UPON the Claimant and the Defendant agreeing to the terms set out hereto
IT IS HEREBY ORDERED BY CONSENT THAT:
1.The Order of Justice Sir Richard Field dated 16 May 2016 against the Defendant is varied for the sole purpose of allowing the Parties to complete the transactions documented in the Framework Agreement dated on or around 19 October 2016 (the “Framework Agreement”) between the Defendant, the Claimant (now known as Rasmala Holdings Limited, “Rasmala”) and Madaares Sell-Down Vehicle and the related Escrow Agreement dated on or around the same date. In this respect alone, the Defendant shall be allowed to whether by himself, for and on behalf of Madaares Sell-Down Vehicle, any of its shareholders or otherwise howsoever (1) redeem his or any other shareholder’s shares in Madaares Sell-Down Vehicle, a company incorporated under the laws of the Cayman Islands; and (2) sell or otherwise dispose of all or any of the shares held by Madaares Sell-Down Vehicle in Madaares PJSC (a private joint stock company incorporated under the laws of the UAE) to Mr. Ahmad Saad Fawzi Al Khayyat and/or Al Mal Capital PSC and/or to any person nominated pursuant to clause 2.10 of the Framework Agreement by: (i) Rasmala; or (ii) any other shareholder of Madaares Sell-Down Vehicle (provided that the requirements of clause 2.10 are satisfied), whether on his own behalf, for and on behalf of Madaares Sell-Down Vehicle or any shareholder of Madaares Sell-Down Vehicle or otherwise (and whether in his role as director and/or shareholder of Madaares Sell-Down Vehicle or otherwise) in each case subject to and in accordance with the terms of the Framework Agreement in each case subject to and in accordance with the terms of the Framework Agreement.
2. Each party shall bear its own costs.
Amna Al Owais
Date: 30 October 2016
The Dubai International Financial Centre and all its affiliates are committed to preserve the confidentiality, integrity and availability of client data and personal information.
Dubai International Financial Centre and all its affiliates employees, vendors, contract workers, shall follow Information Security Management System in all the processes and technology.
The content of the DIFC Courts website is provided for information purposes only and should be disregarded when making decisions on inheritance and any other matters. Whilst every reasonable effort is made to make the information and commentary accurate and up to date, the DIFC Courts makes no warranties or representations to you as to the accuracy, authenticity or completeness of the content on this website, which is subject to change at any time without notice. The information and commentary does not, and is not intended to, constitute legal advice by the DIFC Courts or any person employed or connected with it or formerly so employed or connected, to any person on any matter, be it in relation to inheritance, succession planning or otherwise. You are strongly advised to obtain specific, personal advice from a suitably qualified lawyer in relation to your personal circumstances and your objectives. The DIFC Courts does not assume any liability and shall not be liable to you for any damages, including but not limited to, direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with this website, its administration and any content or lack thereof found on it. The information on this web site is not to be displayed except in full screen format. Although care has been taken to provide links to suitable material from this site, no guarantee can be given about the suitability, completeness or accuracy of any of the material that this site may be linked to or other material on the internet. The DIFC Courts cannot accept any responsibility for the content of material that may be encountered therein.