Riyadh – Mubasher: Advanced Building Industries Company (SENAAT) announced the latest developments regarding the appeal filed by Medad Real Estate Company, a development firm affiliated with the Kooheji Group in associate with Kooheji Contractors/Kooheji Development and is primarily active in the GCC real estate sector.
Regarding ongoing legal proceedings involving its subsidiary network, SENAAT confirmed that Medad Real Estate Development and Investment Limited has filed an appeal against a preliminary court judgment that was originally decided in favor of a the listed group entity.
The property developer requested that the initial ruling be overturned and that a judgment be issued in their favor for lost profits, according to their claim, according to a bourse disclosure.
Meanwhile, the appeal has been registered with the Second Circuit of the Commercial Court in Dammam, marking a new phase in the litigation process.
The legal matter centers on Zamil Air Conditioning and Refrigeration Services Company, a subsidiary of Zamil Air Conditioners Holding Company, which is ultimately owned by SENAAT, which received formal notification of the appeal on 21 May 2026.
This development follows a previous announcement made by SENAAT on 19 April 2026, in which the company reported that a preliminary ruling had been issued in favor of its subsidiary Zamil Air Conditioning and Refrigeration Services.
SENAAT stated: “Assessment of the company's strong legal position remains unchanged, and that the outcome is positive and strengthens the group's legal standing, reflecting the strength of its governance framework and legal rule.”
Furthermore, the appellant is seeking a ruling in its favor regarding claims for lost profits, as specified in the original lawsuit. The Commercial Court has officially registered the appeal and scheduled a session to review the merits of the case.
Regarding the financial impact of the litigation, SENAAT reported that there are currently no costs associated with the appeal process while indicating that the financial implications, if any, will be determined based on the final outcome of the judicial proceedings.
The listed company further pledged to assess any potential impact on its financial statements and will provide further updates to shareholders as the case progresses.
Earlier in May, SENAAT announced an agreement with TKE ALAT Manufacturing at a value of SAR 252 million.
