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 Material Information
Ref.: MAZ-MFM-12-2013-1125
Respected Gentlemen / Kuwait Stock Exchange
Respected Mr. Faleh Al Rqoubah
The Acting General Director of the Kuwait Stock Exchange
Subject: Disclosure of Material Information
With reference to the above mentioned subject, and to article No. 24 of the third clause of Capital Markets Authority’s Guidelines on Disclosure of Material Information (هـ أ .م/ق.ر./إ.م./2/2012), we wish to inform you that Al Mazaya Real Estate (LLC – Free Zone – Dubai), and subsidiary of Al Mazaya Holding (KSC) has signed a contract with Al Liwan (LLC) for the buyback of two plots of land situated in Dubai Land, Dubai, UAE. The deal generated a profit of AED13.084.425 (KWD1.011.617) for the company. The proceeds from sale will be used for payment of other liabilities incurred on other plots of land at the same development, which the company purchased previously.
The results of this settlement and its profit of AED13.084.425 = KWD1.011.617 will be included in the company’s consolidated financial statements for the fourth quarter of this year.
