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.
Al Mazaya Holding Co. has signed the agreement related to the completion of the transaction which was proposed to First Dubai Real Estate Development Co. with a value of KD 26,816,000 .
Al Mazaya Holding Co. has signed the agreement related to the completion of the transaction which was proposed to First Dubai Real Estate Development Company with a value of KD 26,816,000
14-April-2016
With reference to the above mentioned subject and to paragraph 17 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 | 14/04/2016 |
| Name of listed company | Al Mazaya Holding Co. |
| Disclosure Title | Complementary Disclosure of sale of stakes and shares of real estate companies to one of the Subsidiary Companies |
| Date of the previous Disclosure | 20/01/2016 |
| Material information | Al Mazaya Holding Company has signed the agreement related to the completion of the transaction which was proposed to First Dubai Real Estate Development Company (Subsidiary) which represents the sale of all the stakes of Kuwaiti Saudi Real Estate Limited Co. W.L.L in the Kingdom of Saudi Arabia in addition to the sale of 20% of Mazaya Real Estate Development Company K.S.C.C as the final transaction value amounted to KD 26,816,000 (Twenty Six Million, Eight Hundred and Sixteen Thousand Kuwaiti Dinar) under which the value will be paid through clearing and settlement of the current account balance between the companies and the work is under progress to transfer the ownership of shares and stakes related to the transaction. |
| Effect of the material information on the company financial position | There will be no material impact on the consolidated financial position and the consolidated operations results of the company except increasing the share of Group’s minority interest rights in the future related to First Dubai Real Estate Development Company (Subsidiary Company) which is a party in this transaction. |
