First Dubai Real Estate Development Company K.S.C.P (a subsidiary of Al Mazaya Holding) disclosed that its board of directors had approved the following:
1. Selling all shares of a subsidiary company in the Kingdom of Saudi Arabia for cash and in kind, with a net amount of 15,500,000 Kuwaiti dinars (fifteen million five hundred thousand Kuwaiti dinars).
2. The board of directors approved to set-off the entire accumulated losses.
3. The board of directors’ recommendation of reducing the company's capital from KD 100,000,000 to KD 74,129,328 as a result of setting off the accumulated losses mentioned in the previous item.