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 130 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) 26. 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. 27. Shareholders’ Annual General Assembly of the parent company and proposed dividends The Board of Directors’ meeting held onMarch 10, 2019 recommend not to distribute cash dividends and proposed not to pay remuneration to board members for the year ended December 31, 2018. 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 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. The Shareholders’ Annual General Assembly meeting of the Parent Company held on March 28, 2017 approved to distribute cash dividends of 8 fils per share for the year ended December 31, 2016. 28. Capital Commitments and contingencies • Capital commitments: Capital commitments contracted for as of December 31, 2018 representing in properties held for trading under construction amounting to KD 6,798,339 (2017 – 8,237,746).  Associates and joint venture Major shareholders Other related parties 2018 2017 Balances included in the consolidated statement of financial position Accounts receivable and other debit balances Advance payments from customers Transactions included in the consolidated statement of profit or loss: Investment 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 Board of director remuneration BOD committees remuneration 78,288 - - - - - - - 24,772 - 101,979 )83,119( 103,060 - 101,979 )83,119( 20,447 15,608 145,190 )124,108( 739,485 67,776 212,862 - 70,000 573,225 34,399 342,996 185,000 - 2018 2017