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Update on the Individual Labor Case

Update on the Individual Labor Case
Oman Cables
OCAI
-2.08% 2.35 -0.05

Following the disclosures made on 12 September 2013 and 8 January 2014 with relation to an individual labor case filed against the company, before the Primary Court in Seeb, for unfair dismissal and various compensation elements amounting to around 8.5 million Omani rials , the company is updating the shareholders that the Primary Court has passed its judgment on Monday 13 July 2015 wherein the verdict obliges the company to pay the amount of RO 942,810.279 (Omani Rials Nine Hundred Forty Two thousand Eight Hundred Ten and Two Hundred Seventy Nine Baisa), comprising of various elements, to the other party.

A 30 days appeal period is granted to both parties to present an appeal and the Company will update the shareholders on this topic.

This verdict will not have major impact on the financial results of the company.