Notes to The Consolidated Financial Statement
AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
31 December 2013
1. CORPORATE INFORMATION
Al Mazaya Holding Company - K.S.C.P. (the “Parent Company”) was incorporated on 7 November 1998 under the
Companies Law No. 25 of 2012 and amended thereto. The Parent Company is engaged in investment in local and foreign
companies, real estate properties and consultancy services. This consolidated financial statement presents the results of the
Parent Company and its subsidiaries (collectively referred to as the “Group”).
The registered head office of the Parent Company is at Mazaya Tower 01, Al Murqab, P.O. Box 3546, Safat 13036, State
of Kuwait.
The principal activities of the Parent Company as per the article of association are as follows:
Ownership of Kuwaiti and foreign shareholding companies, ownership of shares and portions of limited liability Kuwaiti
and foreign companies or participating in the formation of those companies, as well as managing and guaranteeing those
companies, granting loans to the companies in which it owns shares in and guaranteeing them towards others, provided
that the percentage of participation of the holding company in the capital of the borrowing company is not less than 20%,
ownership of industrial property rights including intellectual rights, trade marks, industrial marks, industrial fees or any
other rights relating to such assets and leasing them to other companies to utilize them whether inside or outside the state
of Kuwait, ownership of the movable assets and real properties needed to operate within the applicable laws, utilization
of its available financial surpluses by investing them in financial real estate portfolios managed by specialized companies.
The Parent Company has the right to practice its aforementioned objectives inside the State of Kuwait and abroad for itself
or as agent or representative to other, the Company has the right as well to have interest or to participate with entities that
practice similar operations or assist the Company in achieving its objectives inside and outside Kuwait, and such it has the
right to establish, form partnership, purchase or merge with those entities.
The consolidated financial statements of the Group for the year ended 31 December 2013 were authorised for issue by
the Board of Directors on 26 January 2014, and are issued subject to the approval of the Ordinary General Assembly of
the shareholders of the Parent Company. The shareholders’ General Assembly has the power to amend the consolidated
financial statements after issuance.
The New Companies Law issued on 26 November 2012 by Decree Law no. 25 of 2012 (the “Companies Law”), cancelled
the Commercial Companies Law No. 15 of 1960. The Companies Law was subsequently amended on 27 March 2013 by
Decree Law no. 97 of 2013 (the Decree). The Executive Regulations of the new amended law issued on 29 September 2013
and was published in the official Gazette on 6 October 2013.
As per article three of the executive regulations, the companies have one year from the date of publishing the executive
regulations to comply with the new amended law.
2. BASIS OF PREPERATION
The consolidated financial statements of the Group have been prepared on the historical cost basis, except for financial
assets available for sale, and investment properties that have been measured at fair value.
The consolidated financial statements are presented in Kuwaiti Dinars (“KD”), which is the functional currency of the Parent
Company. The consolidated financial statements have been prepared in accordance with International Financial
Reporting
Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and applicable requirements of
Ministerial Order No. 18 of 1990.
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