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
22-April-2025
Date:20/04/2025
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
| Date: |
20/04/2025 |
| Name of listed company |
Al Mazaya Holding Co. K.S.C. P |
| Disclosure Subject |
Supplementary disclosure of material information
|
| Date of previous disclosure |
18/07/2024
|
| Disclosure updates |
The Public Prosecution in the Sultanate of Oman has issued a decision to refer the employees, against whom a complaint was filed by the subsidiary in Oman, to the Criminal Division of “Al Seeb Primary Court”, Sultanate of Oman for committing a misdemeanor of fraudulent activities by embezzling funds amounting to OMR 706,207 (equivalent to approximately KWD 566,654) in direct and indirect manners.
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| Financial impact of the update (if any) |
There is no current financial impact on the consolidated financial statements of the company, as those funds include an amount of OMR 372,578 (equivalent to approximately KWD 298,953) that was incurred by the subsidiary as provisions and actual costs which were booked by the subsidiary in its financial statements during the previous years, in addition to an amount of OMR 333,629 (equivalent to approximately KWD 267,701) that represents an opportunity cost for the subsidiary, which will be booked in the subsidiary’s financial statements when collected from the accused employees.
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The issuer of this disclosure bears full responsibility for the soundness, accuracy, and completeness of the information contained therein. The issuer acknowledges that it has assumed Care of a Prudent Person to avoid any misleading, false, or incomplete information. The Capital Markets Authority and Boursa Kuwait Securities Exchange shall have no liability whatsoever for the contents of this disclosure. This disclaimer applies to any damages incurred by any Person as a result of the publication of this disclosure, permitting its dissemination through their electronic systems or websites, or its use in any other manner.