"Baldco", Abu Dhabi Building Materials Company, announced the settlement of two legal disputes, as part of the agreement of both parties, for a residency claim against it. The first one was with the First Abu Dhabi Bank, where approval was given to deduct the balance of the debt by 35 million dirhams. And providing a mortgage guarantee for one of the real estate assets to the company in favor of the bank in exchange for the remaining balance payment on quarterly payments over 8 years.
The second settlement was with Abu Dhabi Ports, where an agreement was made to deduct 7.9 million dirhams from the claim of 13.9 million dirhams. Also, the remaining balance, amounting to 6 million dirhams, on payments ending on March 31, 2025.
In a statement, the company said: "These settlements were part of the implementation of the restructuring plan approved by the company's general assembly".
