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 purchased a land in Sabah Al salem
With reference to the above mentioned subject, and to the instructions of the Capital Markets Authority regarding disclosure of material information number (CMA /A.R/SE/ 2/2012), one of the subsidiaries (Mazaya Real Estate Development Company – KSCC) purchased two investment plots of land for the purpose of development at Sabah Al-Salem Area, Block (2) for a total amount of KD 3,950,000 (Three million nine hundred and fifty thousand KD), noting that there is no financial impact on the consolidated financial statements of the company during the current phase till the completion of the development of the land except the fact that the value of the real estate investment properties of the Group will increase.
