Al Mazaya Holding Co (K.S.C) a leading property firm in the region, signed a contribution contract with "Oman Construction" to share in a real estate investment portfolio in Oman with a capital of OMR 3.1 million. Al Mazaya's share is 40% while 12% is for Oman Construction and 12% for "Mina" real estate company. The remainder of the percentage is submitted for IPO from a chosen group of investors and real estate companies.
Disclosure of material information
21-July-2024
Date: 18/07/2024
Subject: Disclosure of material information
With reference to the above subject and to paragraph (22) of article 4-1-1 of chapter 4 of book 10 of the executive regulation of law No.7 of 2010 regarding the establishment of the Capital Markets Authority and regulating securities’ activities, kindly find attached disclosure of material information form.
Disclosure of material information
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18/07/2024
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Date:
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Al Mazaya Holding Co. K.S.C. P
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Name of the listed company
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The subsidiary company in the Sultanate of Oman found through audit works that some of the company’s employees had committed fraudulent activities regarding collections of the sale and rent of some units. A criminal complaint was filed and the necessary legal measures were taken against them. The subsidiary company hired a certified accounting expert to estimate the value of the fraud, which was estimated at 242,000 Omani riyals. That is approximately 192,000 Kuwaiti dinars. The subsidiary is currently working on completing the necessary audits and inspections to determine the final amount in this regard and completing all necessary legal procedures.
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Material information
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There is no financial impact on the company due to the presence of sufficient provisions allocated in advance for the uncollected amounts as of the date of the last consolidated interim financial information issued for the financial period ending on 31/03/2024.
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Effect of the material information on the company financial position
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