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 the Results of BOD Meeting of Al Mazaya Holding Company
Reference to the above subject, and our disclosure on the date of 05/04/2023, kindly find attached the Supplementary disclosure form.
Supplementary Disclosure
| Date: | 06/04/2023 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Disclosure Subject | Supplementary Disclosure from Al Mazaya Holding Company KSCP regarding the results of the Board of Directors meeting after discussing the updates regarding the initial offer received by the company to buy all the shares of the subsidiary company (Mazaya Ritim Istanbul Company) in the Republic of Turkey. |
| Date of previous disclosure | 05/04/2023 |
| Disclosure updates | Adding the financial impact based on the directives of the Capital Markets Authority |
| Financial impact of the update (if any) | The previously disclosed financial impact on 06/02/2023, based on the subsidiary’s financial statements balances included in the consolidated financial statements as of December 31, 2022, was as follows: 1- Direct profit from the disposal of that subsidiary amounting to almost 130 thousand Kuwaiti Dinars. 2- Reclassification of the foreign currency translation adjustment losses for that subsidiary amounting to KD 22 million as of 31 December 2022 that was previously included in the parent company’s statement of shareholders’ equity to the statement of income which will result in the following: a. No financial impact on the total shareholders’ equity of the company. b. No financial impact on the book value per share of the company. c. Loss recognition in the consolidated statement of income amounting to KD 22 million which will be booked in the fiscal period where the transaction will be executed, which resulted from the reclassification of those losses from the foreign currency translation reserve in the company’s shareholder equity to the statement of income in accordance with the International Financial Reporting Standards. Those losses have been already calculated and recorded in the company’s financial statements during previous years within the foreign currency translation reserve in the company’s shareholders equity. The final financial impact of that deal will be determined in the company’s consolidated financial statements upon completion of the signing procedures and implementation of all terms of the deal. |
