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.
Supplementary Disclosure of material information
24-August-2023
Date: 23/08/2023
Subject: Supplementary Disclosure of material information
With reference to the above subject and Paragraph (22) 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 the form of supplementary disclosure of material information.
Supplementary Disclosure form
|
23/08/2023
|
Date:
|
|
Al Mazaya Holding Co. K.S.C. P
|
Name of listed company
|
|
Supplementary Disclosure of material information
|
Disclosure Subject
|
|
22/08/2023
|
Date of previous disclosure
|
|
A subsidiary to Al Mazaya Holding Co. “ First Dubai Real Estate Development Company K.P.S.C.” had announced that one of its subsidiaries had sold all the land plots by selling the entire land plots subject to the exchange, for a total amount of approximately KD 12 million, with a book value of approximately KD 8.7 million. Therefore, only the rights to purchase land plots in the Emirate of Dubai remain in the real estate portfolio subject to the exchange, which has a book value of approximately KD 8.2 million. The sale of these lands resulted in a net profit (after deducting all selling fees and other expenses) of approximately KD 2.9 million, which will be recorded in the consolidated financial statements for the third quarter of 2023.
|
Disclosure updates
|
|
The mentioned financial impact will be reflected in the consolidated financial statements for the third quarter of 2023.
|
Financial impact of the update (if any)
|