Annual report eng.2019

N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2019 (All amounts are in Kuwaiti Dinars) OF ACHIEVEMENTS 16.Share Capital The authorized, issued and paid up capital consist of 688,278,956 shares (2018 – 688,278,956 shares) with a nominal value of 100 fils each and all shares are in cash. 17. Treasury shares The Group’s management has allotted an amount equal to treasury shares balance from share premium. Such amount will not be available for distribution during treasury shares holding period. 18. Statutory reserve As required by the Companies Law and the Parent Company's Articles of Association, 10% of the profit for the year attributable to the Parent Company’s shareholders before contribution to Kuwait Foundation for the Advancement of Sciences (KFAS), NLST, Zakat and Board of Directors’ remuneration is transferred to the statutory reserve. The Parent Company may resolve to discontinue such annual transfers when the reserve exceeds 50% of the capital. This reserve is not available for distribution except in cases stipulated by Law and the Parent Company's Articles of Association. Since there is a net loss for the year, there were no transfer to statutory reserve for the year ended December 31, 2019. 19. Voluntary reserve As required by the Parent Company’s Articles of Association, 10% of the profit for the year attributable to the Parent Company’s shareholders before contribution to Kuwait Foundation for the Advancement of Sciences (KFAS), NLST, Zakat and Board of Directors’ remuneration is transferred to the voluntary reserve. Such annual transfers may be discontinued by a resolution of the Shareholders’ Annual General Assembly of the Parent Company upon recommendation by the Board of Directors. Since there is a net loss for the year, there were no transfer to voluntary reserve for the year ended December 31, 2019. The Annual General Meeting of the Shareholders held on April 8, 2019, has approved to transfer the voluntary reserve balance amounted to KD 11,010,499 to retained earnings (Note 26). 20. Non - controlling interests which are material to the Group Subsidiaries with major non - controlling interests which are material to the Group is as follows: Number of shares Percentage of issued shares (%) Market value (KD) Cost (KD) 60,811,741 8.84 3,575,730 19,288,845 63,081,978 9.17 4,422,047 20,009,108 2019 2018 9,092,123 88,315 9,127,340 )384( 10.09% 10% 10.09% 10% Real Estate Development Real Estate Development Kuwait Turkey 2019 2019 2018 2018 First Dubai Real Estate Development Management K.S.C.P Mazaya Ritim Istanbul Insaat Anonim Sirketi (Ritim) Name of subsidiary Country of incorporation Principal Activities Ownership percentage held by the NCI Carrying value for NCI in a subsidiary