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.
Mazaya Real Estate Development Co. has signed a construction and maintenance agreement with one of the contractors in the Sultanate of Oman
With reference to the above mentioned subject and to paragraph 22 of article 4-1-1 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 be advised that:
| Date: | 12/12/2016 |
| Name of listed company | Al Mazaya Holding Co. K.S.C.P |
| Material information | One of Al Mazaya Holding Subsidiaries Company in Oman (Mazaya Real Estate Development Co. L.L.C) has signed a construction and maintenance agreement with one of the contractors in the Sultanate of Oman with amount of 5,691,000 Omani Riyal which is equal to 4,461,000 Kuwaiti Dinar approximately. The agreement will be completed over 22 months in order to start the construction and maintenance work of a residential compound in the Sultanate of Oman on a land owned by the subsidiary Company. |
| Effect of the material information on the company financial position | Financial impact of the constructions costs and the income resulting from this agreement will be reflected in the consolidated financial statements of the Group during the term of the contract. |
