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.
23-January-2025
Date: 22/01/2025
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 19/01/2025, kindly find attached the material information disclosure form clarifying the results of the meeting of the BOD of Al Mazaya Holding Co. held on Wednesday 22/01/2025.
Form for Disclosing Material Information
| Date: |
22/01/2025 |
| Name of listed company |
Al Mazaya Holding Co. K.S.C. P |
| Material information |
The Board of directors of Al Mazaya Holding Co. has convened on 22/01/2025 at 1:00 PM where they discussed the following:
- Approved the company’s Annual Financial Statements for the year ended 31/12/2024.
- Recommended dividend distribution of free bonus shares from treasury shares at the rate of 2.5% to the Shareholders registered in the Company’s registry as at the record date according to their ownership interest.
A subsidiary to the Group booked provisions in its records as of December 31, 2024 pertaining to some individual lawsuits filed against it by some real estate units’ owners in a project of a subsidiary to the Group. It is worth noting that the subsidiary filed a lawsuit against the contracting company, the subcontractors and the project’s supervisory firm as well as their owners requesting to oblige them jointly to bear the total cost of repairing those buildings, and that lawsuit is still currently under hearing in front of the court.
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| Effect of the material information on the company financial position |
Attached:
- Annual Consolidated Financial Statements according to Boursa Kuwait templates.
- Consolidated Statement of Financial Position.
- Consolidated Statement of Profit or Loss.
- Independent Auditor’s Report on the Annual Financial Statements for the year ended 31/12/2024.
- The impact of those recommended dividends will be recognized in the company’s financial statements upon the approval of the Company’s Shareholders’ General Assembly.
The provisions that were recorded during the year in the subsidiary’s books against those lawsuits referred to above as part of the preparation of the company’s annual financial statements had amounted to KD 1,155,055 which were recognized within the company’s results of operations in the consolidated profit or loss, as the consolidated statement of profit or loss is showing net profit attributable to the shareholders of the Parent Company of KD 1,216,395 for the year ended December 31, 2024.
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