Notes to The Consolidated Financial Statement
AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
31 December 2013
-
-
-
4,668,299
-
-
-
403,513
-
4,668,299
-
403,513
-
714,082
231,733
Consolidated statement of income:
Revenue from sale of
properties held for trading
Net management fees and
commission income
Net rental income
Consolidated statement of
financial position:
Amounts due from related
parties (note 13)*
Amounts due to related
parties (note 21)*
Cash and cash equivalents
Major
shareholders
KD
Other related
parties
KD
Associates
KD
2013
KD
2012
KD
25. RELATED PARTY TRANSACTIONS
These represent transactions with related parties, i.e. Subsidiaries, shareholders, directors and key management personnel
of the Group, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and
terms of these transactions are approved by the Group’s management.
Transactions with related parties included in the consolidated financial statement are as follows:
* Amounts due from/to related parties are interest free and are receivable on demand or payable on demand.
Other transaction
During 2013, the Parent Company has entered into a contract with a related party to purchase an investment property
amounting to KD 9,800,000 and property held for trading amounting to KD 868,299 at fair value. The fair value of the
investment property and property held for trading purchased by the Parent Company is determined by an independent
valuer as agreed by the parties to the contract. The purchase price was required to be settled by the Parent Company in the
form of sales of certain units of properties held for trading amounting to KD 4,668,299 and taking over a bank borrowing
of that related party (note 8 and 12).
Further, the legal procedure to transfer the ownership of investment property purchased by the Parent Company is under
process as at the reporting date (note 8).
50
Major
shareholders
KD
Other related
parties
KD
Associates
KD
2013
KD
2012
KD
239,696
-
-
-
-
-
477,586
-
-
717,282
-
-
1,121,759
173,438
261,952
69
