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 Company signed an Islamic financing agreement with one of the Kuwaiti banks
With reference to the above subject and to paragraph (10) 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 find attached disclosure of material information form:
Disclosure of material information
| Date: | 17/06/2019 |
| Name of listed company | Al Mazaya Holding Co. K.S.C.P |
| Material information | Al Mazaya Holding Company signed an islamic financing agreement with one of the Kuwaiti banks with total amount of KD 41,540,000 (Only Forty-One Million and Five Hundred Forty Thousand Kuwaiti Dinars only) to be used in refinancing and reprofiling existing outstanding facilities utilized by the group over past years, as well as to finance the company’s real estate operations and investments. |
| Effect of the material information on the company financial position | This agreement will improve the cash flows and liquidity of the company during its tenor which will support the company’s ability to fulfill its commitments towards its operations, real estate projects and other creditors as well. |
