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.
Capital Intelligence Rating Agency has affirmed the corporate credit rating of Al Mazaya Holding Co.
With reference to the above mentioned subject and to paragraph 18 of article4-1-1 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, attached is the Disclosure form for Capital Intelligence (CI)which includes the following:Capital Intelligence Rating Agency has affirmed the previous corporate credit rating of Al Mazaya Holding Company at (BBB-) for long term & (A3) for short term with stable outlook.According to Capital Intelligence Rating detentions, (BBB-) rating is a credit rating which reflects the sound company’s financial position and its ability to fulfill its financial obligations on time in the long term. The A3 rating for the short term is: a High quality credit rating which reflects the high ability of the company to fulfill its financial obligations on time in the short term.
| Date: | 29/11/2018 |
| Name of listed company | Al Mazaya Holding Co. K.S.C.P |
| Rating Agency | Capital Intelligence |
| Rating Category | “BBB-“: for the long-term & “A3”: for the short term |
| Rating Definition | Capital Intelligence Rating Agency has affirmed the previous corporate credit rating of Al Mazaya Holding Company at (BBB-) for long term & (A3) for short term with stable outlook.According to Capital Intelligence Rating detentions, (BBB-) rating is a credit rating which reflects the sound company’s financial position and its ability to fulfill its financial obligations on time in the long term. The A3 rating for the short term is: a High quality credit rating which reflects the high ability of the company to fulfill its financial obligations on time in the short term. |
| Rating effect on the company’s status | There is no financial effect on the company |
| Future vision / Expectation | Stable |
| Translation of the press release or the Executive Summary | The above mentioned ratings are supported by the diversified business model of the company, its sound cash liquidity, the nature of the financial obligations of the company which are long-term obligations, in addition to the fact that the company has satisfactory operating profit to cover finance expenses. |
