Notes to The Consolidated Financial Statement
AL MAZAYA HOLDING COMPANY K.S.C. AND ITS SUBSIDIARIES
31 December 2012
During the year ended 31 December 2012, the Group rescheduled it’s term loans through renegotiation with a local bank.
The rescheduling terms require the Group to repay the loan in sixteen quarterly instalments between 2012 and 2016 at a
similar interest rate. The average effective interest rate on the term loans is 5.63% (2011: 5.63%).
Certain assets with carrying value of KD 21,045,261 (31 December 2011: KD 13,097,779) were collateralized against the
term loans (Note 8 and 11).
Shares of a subsidiary company with a fair value of KD 24,480,000 (31 December 2011: KD 17,340,000) were collateralized
against the term loans.
Investment in associate with a carrying of KD 9,136,509 (31 December 2011: KD 9,136,509) were collateralized against
the term loans.
19. WAKALA AND MURABAHA PAYABLES
Average cost rate attributable to Wakala payable during the year ended31 December 2012 6.25% (2011: 6.25%) per
annum.
Average cost attributable to Murabaha payable during the year ended 31 December 2012 was 6.5% (2011: 6.5%) per
annum.
Certain shares in subsidiary with a fair value of KD 4,320,000 (2011: KD 3,060,000) are pledged against Wakala payable
maturing on 12 March 2013. Certain treasury shares are pledged against Murabaha payable maturing on 19 April 2013
(note 16).
20. DEFFERED CONSIDERATION ON ACQUISITION OF PROPERTIES
2012
KD
5,000,000
3,500,000
8,500,000
Wakala payables
Murabaha payable
2011
KD
5,000,000
3,500,000
8,500,000
2012
KD
3,866,170
-
80,938
-
3,947,108
Balance at the beginning of the year
Consideration paid during the year
Foreign currency translation adjustments
Adjustments
Balance at the end of the year
2011
KD
30,070,031
(491,163)
(25,712,698)
3,866,170
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