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.
Two Islamic facilities contracts with a Kuwaiti bank
With reference to the above mentioned subject, and the instructions of the Capital Markets Authority regarding disclosure of material information number (CMA/R.N./I.D./2/2012). Kindly be advised that Mazaya Holding Company KSCP (Holding) concluded two Islamic facilities contracts with a Kuwaiti bank by the sum of KD 25,000,000 (twenty five million Kuwaiti Dinar.) The first contract is for the amount of KD 10,000,000 (ten million Kuwaiti Dinar) for a three year period, for the purpose of real estate investment. The second contract is for the amount of KD 15,000,000 (fifteen million Kuwaiti Dinar) for a period of ten years, for the purpose of settlement of the company’s loans with one of the traditional Kuwaiti banks, amounting to KD 12,500,000 (twelve million and five hundred thousand Kuwaiti dinar) and use the balance amount in real estate investment and development. The facilities resulted in transforming all company’s loans into Islamic loans . The effect of the aforesaid two contracts will be reflected in the company consolidated financial statements upon completing the facilities procedures and transferring the amounts to the company’s accounts.
