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.
Change of Mazaya ownership in Mazaya Qatar Company
With reference to the above subject, Mazaya Holding Company made a partial sale of investment in an associate through reduction of its ownership in that investment from 5.7% to 1.0% (total of 4.7%) gradually through the sale of shares in Qatar stock exchange for about KD 7.7 Million, realizing net profit of about KD 3.3 Million, noting that the financial effect of the sale transaction is as follows:
| Profit Realized | Profits | Proceeds
from the Sale |
Reduction percentage | |
| Profit was realized and disclosed in the financial statements of the 2nd Quarter. | Million Kuwaiti Dinar | Million Kuwaiti Dinar |
Second Quarter |
|
| These profits will be included in the interim financial statements for the period ended as on 30/09/2014. | Million Kuwaiti Dinar | Million Kuwaiti Dinar | Third Quarter | |
| Million Kuwaiti Dinar | Million Kuwaiti Dinar | Total |
Noting that should the company make any further sale of shares remaining therewith, the profits pertaining thereto will be included in the financial statements for the relevant sale period.
