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 results BOD meeting of Al Mazaya Holding Company KSCP (Holding)
Reference to the above subject, and our disclosure on the date of 21/10/2020 kindly find attached the material information disclosure form clarifying the results of the meeting of the BOD of Al Mazaya Holding Company KSCP (Holding) held on Tuesday 27/10/2020
Form for Disclosing Material Information
| Date: | 27/10/2020 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Material information | Al Mazaya HoldingBOD convened on Tuesday October 27, 2020 at 1:00 pm and approved the reduction of the group credit facilities through early settlement of the full outstanding loan of the subsidiary in Turkey due to a Turkish bank amounting to 17.2 million euro (approximately 6.2 million KD) through funding its subsidiary in Turkey with an amount of 15.34 million euro (approximately 5.5 million KD), which will result in releasing the subsidiary’s collateralized assets and enhancing the financial position, and hence, all credit facilities of Mazaya Holding Group will become Islamic |
| Effect of the material information on the company financial position | This early settlement will result in reducing the group credit facilities and is expected to be reflected in the consolidated financial statements of the fourth quarter of 2020 after completing the settlement procedures, in addition to saving the associated finance cost estimated at 1.1 million euro (approximately 400 thousand KD) as well as reducing the average finance cost rate across the group’s credit facilities |
