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
09-May-2024
Date: 09/05/2024
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 06/05/2024, kindly find attached the material information disclosure form clarifying the results of the meeting of the BOD of Al Mazaya Holding Co. held on Thursday 09/05/2024.
Form for Disclosing Material Information
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09/05/2024
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Date:
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Al Mazaya Holding Co. K.S.C. P
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Name of listed company
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The Board of directors of Al Mazaya Holding Co. has convened on 09/05/2024 at 1:00 PM where they discussed the following: - Approved the company’s Interim Condensed Consolidated Information for the fiscal period ending 31/03/2024. - Distributing interim dividends for the fiscal period ended 31/03/2024 to the company’s shareholders: Based on the resolution of the Company’s Ordinary General Assembly dated 26/03/2024 that approved and authorized the Board of Directors’ to distribute interim dividends (semi-annualy or quarterly) starting from the company’s first interim financial statements after completing the merger with First Dubai Real Estate Development Company and to determine the dividends distribution rate, subject to making those distributions from real profits, and in accordance with generally accepted accounting principles without affecting the company’s paid up capital, the company’s Board of Directors had decided to distribute interim dividends as free bonus shares from treasury shares at a rate of 2.5% for the fiscal period ended on 31/03/2024 to the company’s shareholders registered in the company’s records as on the record date according to their ownership interest without any increase in the company’s capital or an increase in the number of issued shares. Those shares are entitled to the shareholders registered in the company’s records at the end of the record date that is scheduled on Thursday, 30/05/2024, and will be distributed on 06/06/2024. The Board of Directors approved the attached Stock Entitlement Form and authorized the Chairman of the Board of Directors or the Executive Management to take the necessary actions to implement that Board resolution in front of the relevant authorities.
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Material Information
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Attached - Interim Condensed Consolidated Financial Information according to Boursa Kuwait templates. - Interim Condensed Consolidated Statement of Financial Position. - Interim Condensed Consolidated Statement of Income. - Independent Auditor’s Report on the Interim Condensed Consolidated Financial Information for the period ended 31/03/2024. - Regarding interim dividends approved by the board, this will result in reducing each of the treasury shares and retained earnings by KD 878,482 upon executing that distribution, which is expected to be finalized during the second quarter of year 2024.
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Effect of the material information on the company financial position
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