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On 20/03/2024, the process of exchanging shares related to increasing the capital of Al Mazaya Holding Company K.S.C.P with the shareholders of First Dubai Real Estate Development Company has been executed, through issuing and allocating 40,813,008 new ordinary shares at a nominal value of 100 fils per share and without a share premium to the shareholders of First Dubai Real Estate Development Company K.S.C. (those with non-controlling interests) with a share swap ratio of (0.497 share) of Al Mazaya Holding Company K.S.C.P. (Holding) shares, in addition to the completion of executing the merger through amalgamation where Al Mazaya Holding Company K.S.C.P. (Holding) became the merging company and First Dubai Real Estate Development Company K.S.C.P. became the merged company.
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Disclosure updates
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The merger process will result in increasing the capital of Al Mazaya Holding Company K.S.C.P from KD 48,474,816.600 to KD 52,556,117.4 distributed over 525,561,174 ordinary shares through an increase amounting to KD 4,081,300.8 equivalent to an increase of approximately 8.4% of the company’s total authorized, issued and paid-up share capital.
The company is also currently preparing the final financial position of the merged company (First Dubai Real Estate Development Company) as of the date of execution of the merger in order to merge the financial records of the two companies. The financial impact resulting from the merger will be included and detailed in the consolidated financial statements of Al Mazaya Holding Company for the first quarter of 2024.
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Financial impact of the update (if any)
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