MANAMA: The Mazad company, in co-operation with the Justice, Islamic Affairs and Endowments Ministry, will hold a public auction for 11 properties on March 23.
The auction will be held in accordance with an agreement signed between them regarding the management of public auctions and bids in execution courts, in joint co-operation with the Supreme Judicial Council.
The Mazad company is organising the auction in co-operation with specialists in this field, in accordance with the highest standards and regulations followed, where auctions are characterised by the ease of registration and participation, as well as the highest levels of transparency, fairness and competitiveness.
Participation in the auction requires pre-registration and deposit of 10 per cent of the bidding limit. Once the bid has been awarded, payment and property transfer process take place. Winning bidders shall pay full amount within 30 days of the closing date of the auction to be followed by property transfer deed.
Those wishing to take part in the auction are required to deposit an insurance amount upon registration, which is equivalent to 10pc of the bid value. In the event of not making the purchase, the amount will be returned to its owner immediately after the auction ends. Those participating on behalf of others shall provide a power of attorney enabling them to register and present offers in the name of the mandator.
Properties to be auctioned particularly include Jawad Dome and a 16-villa compound (Barbar) and Dairy Queen (Guful).
For further details, specialists may be contacted on 38988808.
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