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.
Supplementary disclosure to Al Mazaya Holding’s exposure to the Qatari market is very limited
With reference to the above mentioned subject and to paragraph 18 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 be advised that:
| Date: | 26/04/2017 |
| Name of listed company | Al Mazaya Holding Co. K.S.C.P |
| Material information | As per the request of the Capital Markets Authority’s Disclosure Section, , we inform you that Al Mazaya Holding’s exposure to the Qatari market is very limited as follows: 1- The company has exited it’s direct investment in Mazaya Qatar during the year 2015 and still owns 50,000 shares, representing 0.05% of the shares of Mazaya Qatar, which is very limited percentage, with a value of KD 42,620 approximately. 2- Al Mazaya Holding owns a 17.5% stake in First Qatar Real Estate Development Company KSC (a Kuwaiti sister company) which has real estate investments under construction in Qatar. These investments represent 3.8% of Al Mazaya’s overall assets as what is recorded by the company’s latest financial statements. |
| Effect of the material information on the company financial position | There is no financial impact as the value of investments is recorded in book value. |
