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 the Results of BOD Meeting of Al Mazaya Holding Co.
03-September-2023
Date:31/08/2023
Subject: Disclosure of the Results of BOD Meeting of Al Mazaya Holding Co.
Reference to the above subject, and our disclosure on the date of 27/08/2023, kindly find attached the material information disclosure form regarding the results of the meeting of the BOD of Al Mazaya Holding Co. held on 31/08/2023.
Form for Disclosing Material Information
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31/08/2023
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Date:
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Al Mazaya Holding Co. K.S.C. P (Holding)
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Name of listed company
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The Board of Directors of Al Mazaya Holding Company K.S.C.P. has convened on Thursday August 31, 2023, at 01:30 pm and has approved the Assets Valuator Report and Investment Advisor Report regarding the fair valuation of the merger transaction with First Dubai Real Estate Development K.S.C.P. (a subsidiary) along with the related consideration to be received by the shareholders of First Dubai Real Estate Development Company in the form of share capital of Al Mazaya Holding Company as a result of Merger by Amalgamation between both companies. The board has decided to proceed with the merger procedures by taking all necessary actions to obtain the approval of all relevant regulatory authorities in accordance with the guidelines of Module No. 9 (Mergers and Acquisitions) of the Executive Regulation of Law No. 7 for year 2010.
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Material information
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There is no current financial impact on the Company’s financial position.
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Effect of the material information on the company financial position
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