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.
Disclosure of the CMA approval of the merger contract by amalgamation between Al Mazaya Holding and First Dubai Company
With reference to the above-mentioned subject and the items 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, herewith attached copy of the Disclosure of material information.
Disclosure of material information
| Date: | 24/09/2023 |
| Name of listed company | Al Mazaya Holding Co. K.S.C.P |
| Material information | We would like to inform you that the Capital Markets Authority (CMA) has issued its approval on the merger contract on Sunday September 24, 2023, in relation to merger by amalgamation between Al Mazaya Holding Company K.S.C.P. (Holding) and First Dubai Real Estate Development Company K.S.C.P., whereby Al Mazaya Holding Company will be the merging company and First Dubai Company will be the merged company. According to the results of the independent assets valuation report and the opinion of the independent investment advisor regarding the fairness of that valuation, the share swap ratio was calculated as (0.497) for Al Mazaya Holding Company’s share in exchange for (1) share of First Dubai Real Estate Development Company. The merger process referred to above is subject to the approval of the extraordinary general assembly of both the merging and the merged companies, the date of which will be set later after completing the remaining relevant regulatory procedures and regulatory approvals necessary to hold these general assemblies in accordance with the provisions of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority, regulating securities activity, its executive regulations and their amendments. We further note that the merger contract will be available to the company’s shareholders for review starting tomorrow 25-September-2023, at the company’s head office located in Al Mirqab – Khalid Bin Al Waleed Street – Al Mazaya Tower (1) – Floor (21). |
| Effect of the material information on the company financial position | There is no impact on the company’s financial position until the merger process is finalized. |
