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 25. Related party disclosures The Group has entered into various transactions with related parties, i.e. Major shareholders, Board of directors, executives for the group, key management personnel, joint venture, associate, entities under common control and other related parties. Prices and terms of payment are to be approved by the Group's management. Significant related party transactions and balances are as follows: Related party transactions are subject to the Shareholders’ Annual General Assembly of the Parent Company.   26. Shareholders’ Annual General Assembly of the parent company and proposed dividends The Board of Directors’ meeting held on January 29, 2020 proposed not to distribute dividends or bonus shares and not to pay Board of Directors remuneration for the year ended December 31, 2019. This recommendation is subject to the approval of the Shareholders’ Annual General Assembly of the Parent Company. The Shareholders’ Annual General Assembly meeting of the Parent Company held on April 8, 2019 approved not to distribute dividends and not to pay Board of Directors remuneration for the year ended December 31, 2018. They also agreed to transfer the voluntary reserve balance amounted to KD 11,010,499 to retained earnings. The Shareholders’ Annual General Assembly meeting of the Parent Company held on March 28, 2018 approved to distribute cash dividends of 8 fils per share and approved to pay remuneration of KD 185,000 to Board of Directors for the year ended December 31, 2017. Balances included in the consolidated statement of financial position Accounts receivable and other debit balances Transactions included in the consolidated statement of profit or loss: Revenue from sale of properties held for trading income Cost of sales of investment properties held for trading Key Management personnel Short term benefits End of service indemnity Share-based payments BOD committees remuneration - - - 103,060 101,979 )83,119( 541,914 53,846 97,880 70,000 739,485 67,776 212,862 70,000 2019 2019 2018 2018