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.
Supplementary Disclosure of material information
With reference to the above subject and Paragraph (22) 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 find attached the form of supplementary disclosure of material information.
Supplementary Disclosure form
| Date: | 22/08/2023 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Disclosure Subject | Supplementary Disclosure of material information. |
| Date of previous disclosure | 26/12/2022 |
| Disclosure updates | A subsidiary to Al Mazaya Holding Co. “ First Dubai Real Estate Development Company K.P.S.C.” had announced that one of its subsidiaries had sold all the land plots owned by the subsidiary company in the Emirate of Dubai, with total amount of approximately AED 143 million, equivalent to KD 12 million. The sale of those land plots resulted in profits of approximately AED 35 million, equivalent to KD 2.9 million, which will be recorded in the consolidated financial statements for the third quarter of 2023 of First Dubai Real Estate Development Company. |
| Financial impact of the update (if any) | The mentioned financial impact will be reflected in the consolidated financial statements for the third quarter of 2023. |
