Reference is made to our earlier disclosure on March 29^th, 2018 concerning the announcement made by  Mobile Telecommunications Company (Zain) that the international arbitration tribunal in the proceedings against Saudi Plastic Factory (Respondent) being one of the founding shareholders in Saudi Mobile Telecommunication Company ( Zain KSA) issued a final award against the Respondent in an amount slightly above USD 527 million to Zain.

 

Omantel announces herewith that Zain made a further disclosure that the UK Supreme Court issued a decision allowing Zain to enforce the above referenced arbitration award inside the UK against the Respondent.

 

It shall be noted that the court of first instance in the Kingdom of Saudi Arabia issued an appealable judgment against Zain on the same dispute and Zain believes that the verdict of the UK Supreme Court will strengthen Zain legal proceedings before the concerned courts in the UK and Kingdom of Saudi Arabia.

 

We wish to highlight that Omatel owns (22%) of Zain share capital and that Zain owns 37% of the share capital of Zain KSA.