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.
Full Debt Settlement to one of the Subsidiaries
With reference to the above subject and to paragraph (10) 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:
| Date: | 02 /09/2019 |
| Name of listed company | Al Mazaya Holding Co. K.S.C.P |
| Material information | With reference to our previous disclosure dated 17/06/2019 regarding obtaining credit facilities from a Kuwaiti bank with total amount of KD 41,540,000 (Only Forty-One Million and Five Hundred Forty Thousand Kuwaiti Dinars only), and commenting on the disclosure of First Dubai Real Estate Development Company (a subsidiary of Al Mazaya Holding Co. K.S.C.P) with regard to the full settlement of the company’s debt to one of the GCC banks; Al Mazaya Holding had utilized part of these credit facilities to settle First Dubai Real Estate Development Company’s debt towards that bank through the current account between the two companies. |
| Effect of the material information on the company financial position | As First Dubai Real Estate Development Company is a subsidiary of Al Mazaya Holding group of companies, this settlement process will reduce the future financial burdens through enhancing the cash flow and liquidity at the Group level due to the preferred contractual terms of the credit limits referred to above compared to the fully settled facilities which will be positively reflected at the Group level. |
