Duyuru ve Tebliğler

“Garimenkul pazarı şüphesiz global olarak en dinamik pazarlardan biri olup. Al Malay Holding sizlerin piyasadaki en son gelişmelerden ve eğilimlerden haberdar olmanızı sağlar, Sizleri , mülk yatırımızın için en iyi şekilde bilgilendirileceğiniz, global ve lokal piyasalarla ilgili bilgi almak için, kapsamlı medya kösemize davet ediyoruz”

The Board of Director of Al Mazaya Holding Co discussed and approved the company’s Annual Financial Statements for the year ended 31/12/2020.

31-Ocak-2021

Reference to the above subject, and our disclosure on the date of 25/01/2021, kindly find attached the material information disclosure form clarifying the results of the meeting of the BOD ofAl Mazaya Holding Co. held on Sunday 31/01/2021.

 

Form for Disclosing Material Information

 

 

 

31/01/2021

Date:

Al Mazaya Holding Co.

Name of listed company

­       The Board of director of Al Mazaya Holding Co. has convened on 31/01/2021 at 1:00 PM where they discussed and approved the company’s Annual Financial Statements for the year ended 31/12/2020.

­       The Board of Directors proposed to set-off the accumulated losses amounting to KD 3,733,833 which represents 5.42% of the Company’s share capital as included in the financial statements for the year ended December 31, 2020 by partial reduction of the statutory reserve. This proposal shall be presented to the Company’s General Assembly for discussion and final decision.

­       The Board of Directors proposed to cancel the whole balance of treasury shares owned directly by the Company amounting to 58,719,140 shares with a cost of KD 18,625,088 (including currently owned shares by the Company and shares to be transferred to the Company from a subsidiary) after obtaining the required approvals from Capital Markets Authority and other related regulatory authorities by:

  1. Reducing paid-up capital with par value of those treasury shares with an amount of KD 5,871,914.
  2. Reducing the full remaining balance of statutory reserve amounting to KD 10,611,160 which represents the full remaining balance of statutory reserve after the set-off of accumulated losses referred to above in addition to the reduction amounting to KD 124,654 which represents the impact of exercising employees stock options after the reporting date of the financial statements for the year ended 31/12/2020.
  3. Reducing share premium with an amount of KD 2,142,014 to become KD 19,513,379.

­       Based on the above, the Board of Directors proposed the reduction of the Parent company’s paid-up capital from KD 68,827,895.600 (Sixty eight million, eight hundred twenty seven thousands, eight hundred ninety five Kuwait Dinars and six hundred fils) to KD 62,955,981.600 (Sixty two million, nine hundred fifty five thousands, nine hundred eighty one Kuwait Dinars and six hundred fils) after obtaining the required approvals from Capital Markets Authority and other related regulatory authorities, after which an Extraordinary General Assembly Meeting shall be held to discuss the above proposals of the Board of Directors.

Material information

 Attached

 

-          Consolidated Financial Statements according to Boursa Kuwait templates.

-          Consolidated Statement of Financial Position.

-          Consolidated Statement of Income.

-          Amended disclosure form of the impact of events caused by the spread of Corona Virus (Covid-19) on the financial statement for the year ended 31/12/2020.

-          Independent Auditor’s Report on the Annual Financial Statements for the year ended 31/12/2020.

 

If the above proposals by the Board of Directors are approved by the related regulatory authorities and the Shareholders’ General Assembly, the set-off of accumulated losses, treasury shares cancellation, and share capital reduction shall not have an impact on the Company’s equity and financial position, and will not result in a change shareholders’ equity or their number of shares.

Effect of the material information on the company financial position