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.
Commenting on the disclosure of First Dubai Real Estate Development Company K.S.C.Pas the subsidiary has signed a credit facilities agreement with one of the Kuwaiti Islamic banks amounting to KD 6,300,000 repayable in seven years.
15-March-2022
Date: 15/3/2022
Subject: Commenting on the disclosure of a subsidiary of Al Mazaya Holding Company
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 disclosure of material information form.
Form for disclosing material information
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Date:
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15/03/2022
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Name of listed company
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Al Mazaya Holding Co. K.S.C. P
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Material information
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Commenting on the disclosure of First Dubai Real Estate Development Company K.S.C.P (a subsidiary of Al Mazaya Holding Company) as the subsidiary has signed a credit facilities agreement with one of the Kuwaiti Islamic banks amounting to KD 6,300,000 (six million and three hundred thousand Kuwaiti dinars) repayable in seven years which will be utilized to finance pledged properties that will be transferred to First Dubai Real Estate Development Company K.S.C.P as part of the in-kind considerations related to the sale transaction of its subsidiary in the Kingdom of Saudi Arabia which was previously disclosed by the Company on 23/09/2021.
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Effect of the material information on the company financial position
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This will result in an increase in the Group’s liabilities with the value of the credit facilities mentioned above, as it is expected that the impact of this matter will be reflected in the company’s consolidated financial statements during the first quarter of year 2022 upon utilizing the credit facilities by the subsidiary.
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