Page 41 - FS-Q2-2023-EN
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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
            AND ITS SUBSIDIARIES
            NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            JUNE 30, 2023
            (All amounts are in Kuwaiti Dinar)

                   During the period ended June 30, 2023, The two parties agreed to amend some transaction terms, which are
                   mainly represented in the exclusion of one of the properties owned by the subsidiary under sale out  of the deal
                   and not to include that property in the assets attributable to that subsidiary under sale when transferring the
                   ownership of its shares to the buyer upon the completion of the transaction in the future. In addition to amending
                   the execution mechanism of the remaining terms of the transaction between the two parties and amending the
                   execution phases to be in two phases, where the first phase shall be executed upon the  transfer of the remaining
                   properties to be transferred by the buyer to First Dubai Real Estate Development Company - K.S.C. (Public)   (the
                   subsidiary), and the second phase shall be fully executed upon the buyer’s payment of KD 3,550,000 to the
                   subsidiary. Accordingly, the remaining terms of that transaction are currently under execution by both parties in
                   addition to studying several other options for the final settlement of that transaction between the two parties.

                   The major items of assets and liabilities comprising the subsidiary under disposal which are classified as held for
                   sale are as follows:

                                                                June 30,         December 31,
                                                                  2023               2022           June 30,
                                                                (Audited)          (Audited)         2022
                   ASSETS:
                   Cash on hand and at banks                        413,023           199,294          132,592
                   Accounts receivable and other debit balances     159,603            74,207          114,883
                   Investment properties (a)                      14,619,815        14,881,261      15,381,080
                     Total assets classified as held for sale     15,192,441         15,154,762      15,628,555

                   Liabilities:
                   Accounts payable and other credit balances       241,987           246,159          249,576
                   Employees’ end of service benefits                 1,371             2,126            3,502
                     Total liabilities associated with assets
                       classified as held for sale                  243,358           248,285          253,078
                     Net assets classified as held for sale       14,949,083         14,906,477      15,375,477

                   (a)  During  the  period ended  June 30,  2023,  the pledge was released  for  investment properties  amounted
                        KD 5,289,239 (December 31, 2022 – KD 5,297,272, June 30, 2022 - KD 5,417,214) (Note 13).

































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