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.
Conclusion of a contract with one of the Islamic facilities in United Arab Emirates banks
With reference to the above subject, and to paragraph 24 of Clause Third of the instructions of the Capital Market Authority No (C.M.A./R.N/I.D/2/2012) regarding the disclosure of the material information.We would like to inform you that a subsidiary of Al-Mazaya Holding K.S.C. (Holding) has concluded an Islamic facilities contract with an Emirati Bank – Dubai – with an amount of AED 250,000,000 (Two Hundred Fifty Million Emirati Dirham Only); equivalent to KD 19,740,000 (Nineteen Million seven forty thousand Kuwaiti Dinars) for ten years secured by a real estate mortgage. The effect of this contract will be included in the Company’s consolidated financial statements forthwith completing the facilities procedures (real estate mortgage) and the transfer of the amounts in the subsidiary’s account.
