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.
Due to the current circumstances experienced by the State of Kuwait, Gulf countries and the world as a whole due to the spread of the emerging coronavirus infection (COVID19)
With reference to the above subject and to paragraph (22) of article 4-1-1 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: | 01/07/2020 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Material information | Due to the current circumstances experienced by the State of Kuwait, Gulf countries and the world as a whole due to the spread of the emerging coronavirus infection (COVID19), which impacted our subsidiaries, investors and tenants of real estate units, some of the subsidiaries of Al Mazaya Holding Company have adopted a package of incentives aimed at supporting real estate investors and tenants by postponing and deducting part of the rental fees during the crisis period |
| Effect of the material information on the company financial position | These measures are expected to result in a reduction in rental revenues, estimated between KD 700 Thousand to KD 1 Million approximately based on the final negotiations and agreements with the investors and tenants of real estate units and will be reflected in the financial statements during this year. We shall disclose any material updates that might ariose in that regards. |
