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.
A subsidiary of Al Mazaya signed a KD 3,260,000 contracting contract with a Kuwaiti Contracting Company
With reference to the above subject, and to paragraph 24 of the Capital Markets Authority instructions No. (C.M.A./R.N/I.D/2/2012) regarding the disclosure of material information, we would like to inform you that an affiliate company of the Group in Kuwait signed a KD 3,260,000 (Three million two hundred sixty thousand Kuwaiti Dinar) contracting contract with a Kuwaiti contracting company. The duration of the contract is 600 days. The contract covers the construction, execution and maintenance works of the concrete structure, building, finishing and services of an investment property on a plot of land owned by the affiliate at Sabah Al Salem district, block (2), which was previously disclosed in the disclosure dated 23/09/2014, reference No. MAZ-EXE-09-2014-861, and the disclosure dated 07/05/2015, reference No. MAZ-MCS-05-2015-0668, noting that the financial impact of the construction costs arising from this contract will be reflected in the Group consolidated financial statements during the period of contract execution
