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.
First Dubai K.S.C.P had disclosed about the evaluation of one of its investment properties in the Emirate of Dubai, which resulted in a decrease in the value of the property of approximately KD 4.9 million.
With reference to the above subject and article 4-4-1 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 disclosure of material information form.
Form for disclosing material information
| Date: | 08/12/2022 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Material information | First Dubai Real Estate Development Company K.S.C.P (a subsidiary of Al Mazaya Holding) had disclosed about the evaluation of one of its investment properties in the Emirate of Dubai, which resulted in a decrease in the value of the property of approximately KD 4.9 million, which is equivalent to approximately 2.25 % of the total assets of Al Mazaya Holding Company K.S.C.P. |
| Effect of the material information on the company financial position | The financial impact of this decrease will be included in the results of the change in the value of the company’s properties in the company’s consolidated financial statements for the fourth quarter of 2022. |
