Duyuru ve Tebliğler

 26/09/2021

Date:

Al Mazaya Holding Co. K.S.C. P

Name of listed company

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.

Material information

1- Further to the sale transaction disclosed by First Dubai Real Estate Development Company (a subsidiary of Al Mazaya Holding), and as per the company’s disclosure, the financial  impact will be determined in a final way in the future once the transaction is completed and final, and when all the contracting parties are fulfilling of their contractual obligations, and transfer all shares of subsidiary company of First Dubai Real Estate Development Company in the Kingdom of Saudi Arabia to the buyer.

2- About set-off the accumulated losses and reducing the capital of First Dubai Real Estate Development Company (a subsidiary of Al Mazaya Holding) as a result of set off these accumulated losses, this matter will not have any material impact on Al Mazaya Holding Company due to the lack of change in the total shareholders’ equity of First Dubai Real Estate Development Company.

Effect of the material information on the company financial position