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 of the valuation of real estate assets
With reference to the above subject and to paragraph (16) of article 1-1-4 of chapter 4 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, kindly find attached disclosure of material information form:
Disclosure of material information
| Date: | 31/10/2019 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Material information | Due to the challenges facing the real estate markets in United Arab Emirates (UAE), the Company’s subsidiaries in UAE took the initiative to value their properties held for trading in Dubai to assess the impact of the market movements on those properties, where the independent valuations obtained had resulted in an impairment for those properties of 10 % of the book value which is equivalent to KD 2,471,338 and constitutes 1% of the Company’s assets |
| Effect of the material information on the company financial position | The financial impact of this impairment will be recognized in the consolidated financial statements for the third quarter of 2019 |
