Page 15 - Q1 2024 EN

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
MARCH 31, 2024
(All amounts are in Kuwaiti Dinars)

b) Discontinued operations
During the comparative year ended December 31, 2023, the group has disposed its subsidiary in Turkey “Mazaya
Ritim Istanbul Insaat Anonim Sirketi” which resulted in reclassification of the assets and liabilities of that subsidiary
being classified at that time to assets and liabilities subject to disposal and held for sale, as well as the
reclassification of its operating results to discontinued operations, which were presented separately in the
statement of financial position and the statement of profits and losses.

The Group has recorded the impact of this transaction during the comparative year ended December 31, 2023,
based on the subsidiary’s financial position as at April 13, 2023 (date of sale transaction completion).

6. Investment in an associate
Percentage of ownership % Amount
December 31, December 31,
Country of Principal March 31, 2023 March 31, March 31, 2023 March 31,
Name of Company incorporation activities 2024 (Audited) 2023 2024 (Audited) 2023
Med White –
Images company State of Medical
– joint venture Kuwait services - %30 30% - 272,400 269,406
MedCell Medical
Company K.S.C. State of Medical
(closed) Kuwait services 50% - - 434,726 - -
434,726 272,400 269,406

The movement during the period / year was as follows:

December 31,
March 31, 2023 March 31,
2024 (Audited) 2023
Balance at the beginning of period / year 272,400 268,331 268,331
Disposal of an associate (a) (272,400) - -
Addition of an associate (a) 484,048 - -
Adjustments (7,042) - -
Group’s Share of results from associates (42,280) 4,069 1,075
Balance at the end of the period / year 434,726 272,400 269,406

(a) During the period ended March 31,2024, the members representing the Parent Company in the Board of
Directors of Med Cell Medical Company (a former subsidiary) have been reduced resulting in the loss of control
for Parent Company over that subsidiary and accordingly, it was reclassified as an associate company that is
accounted for under the equity method. This had also resulted in the exclusion of Med White Images – Joint
Venture from the Group's records during the period ended March 31, 2024 as it is an associate of Med Cell
Medical Company (the former subsidiary).

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