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 Kuwaiti subsidiary of Al Mazaya had disposed it’s interest in a wholly owned subsidiary in Turkey with a sale value approximately equivalent to KD16.4 million.
With reference to the above mentioned subject and to paragraph 22 of article 1-1-4 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 be advised that:
| Date: | 29/03/2016 |
| Name of listed company | Al Mazaya Holding Co.K.S.C.P |
| Material information | A Kuwaiti subsidiary of Al Mazaya Holding had disposed it’s interest in a wholly owned subsidiary in Turkey to an associate of all Al Mazaya Holding Co. located in Turkey. The sale value amounted to Turkish liras 162 Million approximately which is equivalent to Kuwaiti dinars 16.4 million approximately |
| Effect of the material information on the company financial position | This transaction will result in a profit amounting to Kuwaiti Dinars 1.18 Million, where Al Mazaya Holding Co. share of that profit after considering the related non-controlling interests and intra-group eliminated profit had amounted to Kuwaiti Dinars 611 thousands approximately, which will be included in the consolidated interim financial information for the first quarter of 2016. |
