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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
17. RESERVES
i) Statutory reserve
In accordance with the Companies Law and the Parent Company›s articles of association, 10% of the profit for the year attributable
to shareholders of the Parent Company (before contributions to KFAS, NLST, board of directors’ remuneration and Zakat) has been
transferred to statutory reserve. The Parent Company may resolve to discontinue such annual transfers when the reserve totals 50%
of the paid up share capital.
Distribution of the reserve is limited to the amount required to enable the payment of a dividend of 5% of paid up share capital
to be made in years when accumulated profits are not sufficient for such dividend payment.
ii) Voluntary reserve
The Parent Company’s Articles of Association require that 10% of the profit for the year attributable to the shareholders of the
Parent Company (before contributions to KFAS, NLST, board of directors’ remuneration and Zakat) has to be transferred to a
voluntary reserve. There are no restrictions on distribution of voluntary reserve. An amount equivalent to the cost of purchase of
treasury shares have been earmarked as non-distributable from voluntary reserve throughout the holding period of treasury shares.
2015
KD
34,185,000
11,493,899
3,486,870
Number of shares (numbers)
Cost (KD)
Market value (KD)
2014
KD
32,250,000
10,843,301
3,934,500
One of the group’s subsidiaries had pledged shares of the Parent Company, included in treasury shares above against tawarruq
payable amounting to KD 1,914,408 (2014: KD 2,614,821) (Note 20) as detailed below:
Reserves (share premium and a part of voluntary reserve) of the Parent Company equivalent to the cost of treasury shares have
been earmarked as non-distributable.
19. TERM LOANS
2015
68,690,479
9.98
7,006,492
Number of shares
Percentage of issued shares (%)
Market value (KD)
2014
68,690,479
9.98
8,380,238
18. TREASURY SHARES
2015
KD
-
-
-
Current portion
Non-current portion
2014
KD
4,500,000
8,000,000
12,500,000
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