Page 44 - FS-Q2-2023-EN

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)

Net cash inflow on disposal:
June 30,
2023
(Audited)
Net cash consideration after settling the current accounts 4,027,555
Less: Cash on hand and at banks balances of the subsidiary disposed off (108,754)
Net cash inflow on disposal 3,918,801

8. Financial assets at fair value through other comprehensive income (“FVOCI”)

June 30, December 31,
2023 2022 June 30,
(Audited) (Audited) 2022
Equity securities 5,248,306 7,787,909 8,225,190
Investment funds 1,851,852 1,225,648 1,240,239
7,100,158 9,013,557 9,465,429

Financial assets at FVTOCI amounting to KD 7,100,158 (December 31, 2022 - KD 9,013,557, June 30, 2022 -
KD 9,465,429) are pledged as collateral against Islamic bank facilities (Note 13).

The financial assets above are denominated in the following currencies:

June 30, December 31,
2023 2022 June 30,
(Audited) (Audited) 2022
Kuwaiti Dinar 5,248,306 7,787,909 8,225,190
US Dollar 1,851,852 1,225,648 1,240,239
7,100,158 9,013,557 9,465,429

The valuation techniques and measurement levels of these financial assets are disclosed in (Note 29).

9. Investment properties
The movement on investment properties during the period / year is as follows

June 30, December 31,
2023 2022 June 30,
(Audited) (Audited) 2022
Balance at the beginning of the period / year 159,901,075 145,928,412 145,928,412
Additions (a), (b) 8,812,779 26,370,305 18,261,701
Reclassification to assets classified as held for sale (4,630,178) - -
Net transfer from / to property, plant and equipment - (62,115) 592,885
Disposals (b) (29,108,787) (2,144,286) -
Changes in fair value (1,808,833) (11,754,651) -
Effect of hyperinflation on a subsidiary - 2,367,051 1,043,593
Foreign currency translation adjustments (1,454,146) (803,641) (469,086)
Balance at the end of the period / year 131,711,910 159,901,075 165,357,505

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