Annual report eng.2018

N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2018 126 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) 17. Share Capital The authorized, issued and paid up capital consist of 688,278,956 shares (2017 – 688,278,956 shares) with a nominal value of 100 fils each and all shares are in cash. 18. Treasury shares As at December 31, 2017 One of the Group’s subsidiaries had pledged shares of the Parent Company, included in treasury shares above against tawarruq and ijara payable (Note 15) which had been released during the year ended December 31, 2018, as detailed below: 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. 19. 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. 20. 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. As per the decision of the Board of Directors meeting held on March 10, 2019 the board recommended to Shareholders’ General Assembly not to transfer to voluntary reserve 21. 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 (Shares) Percentage of issued shares (%) Market value (KD) Cost (KD) Number of shares (Shars) Cost (KD) Market value (KD) 63,081,978 9.17 4,422,047 20,009,108 - - - 65,282,510 9.48 7,246,359 20,707,103 24,185,000 7,671,327 2,684,535 2018 2017 2018 2017 8,702,706 472,134 9,092,123 88,315 10.09% 10% 10.09% 10% Real Estate Development Real Estate Development State of Kuwait Turkey 2018 2018 2017 2017 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 an a subsidiary