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 acquires 50% stake of Ritim Istanbul project in Turkey, Deal is valued at around 25 million USD
Kuwait Stock Exchange
Subject: Al Mazaya acquires 50% stake of Ritim Istanbul project in Turkey, Deal is valued at around 25 million USD
With reference to the above mentioned subject and to paragraph 1 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: | 7/8/2016 |
| Name of listed company | Al Mazaya Holding Co. K.S.C.P |
| Material information | Al Mazaya has increased its ownership stake in one of its affiliates in Turkey from 40% to 90% and the stake will be paid through cash and in-kind on installments for an approximate sum of Kuwaiti Dinar 7.7 Million, and thus that entity has become a subsidiary of Al Mazaya Holding Co. |
| Effect of the material information on the company financial position | As a result of that deal, the financial statements of that entity will be consolidated with Al Mazaya Holding Co. starting from the third quarter of 2016, where the positive financial consequences thereto will be determined once all the transaction’s formalities have been completed, which is expected to be included in the interim consolidated financial information for the period ending September 30th, 2016. |
