Al Mazaya Holding Co (K.S.C) a leading property firm in the region, signed a contribution contract with “Oman Construction” to share in a real estate investment portfolio in Oman with a capital of OMR 3.1 million. Al Mazaya’s share is 40% while 12% is for Oman Construction and 12% for “Mina” real estate company. The remainder of the percentage is submitted for IPO from a chosen group of investors and real estate companies.
Supplementary Disclosure of material information
With reference to the above subject and Paragraph (22) article 4-1-1 of chapter 4 of book 10 of the executive regulation of law No.7 of 2010 regarding the establishment of the Capital Markets Authority and regulating securities’ activities, kindly find attached the form of supplementary disclosure of material information.
Supplementary Disclosure form
| Date: | 23/11/2023 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Disclosure Subject | Supplementary Disclosure of material information |
| Date of previous disclosure | 23/08/2023 |
| Disclosure updates | First Dubai Real Estate Development Company K.S.C.P. (a subsidiary) disclosed that its subsidiary had exchanged the CREDIT NOTES, amounting to approximately 99 million UAE dirhams, which is equivalent to approximately 8.2 million Kuwaiti dinars, which were previously obtained as part of the land plots swapping process disclosed on 26/12/2022, with (4) real estate units in the Palms Jabel Ali project in the Emirate of Dubai, United Arab Emirates. |
| Financial impact of the update (if any) | There is currently no financial impact on the company’s consolidated financial statements as a result of the exchange process referred to above. |
