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ANNUAL REPORT
2015
Notes to The Consolidated Financial Statement
AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
31 December 2015
9. INVESTMENT IN JOINT VENTURE
Turkey
Ritim Istanbul Insaat Anonim
Sirketi (Ritim) (formerly known
as Mazaya Turkey Gayimenkul
Yatirimlarianonim Sirketi )
RealEstate
Development
RealEstate
Development
40
40
Country of
incorporation
2015
2014
2015
KD
2014
KD
Ownership percentage %
Principal
activity
Carrying value
3,702,816
912,000
(23,033)
-
(1,709,922)
2,881,861
899,573
3,702,816
345,260
(1,244,833)
-
3,702,816
Balance at the beginning of the year
Additions
Share of results for the year
Proceeds received on distribution of assets from joint venture
Foreign currency translation adjustments
Balance at the end of the year
2015
KD
2014
KD
The movement in investment in joint venture during the year was as follows:
2,881,861
3,702,816
72