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.
AL NAWADI EXIT
Reference: MAZ-LEG-11-2013-931
Respected Gentlemen / Kuwait Stock Exchange.
The Acting General Director of the Kuwait Stock Exchange
Respected Mr. / Faleh Al Raqaba.
Subject: loan rescheduling
Greetings,
With reference to the aforementioned subject, and the second clause of Item III of the Capital Markets Authority instructions on the disclosure of essential information (e a. M / s. T. / A. M. /2/2012).
Al Mazaya Holding Company has today signed a contract foliate with one of the Islamic banks up to $ 14,750,000 (equaling to fourteen million seven hundred and fifty thousand Kuwaiti dinars) for a period of five years to be repaid over quarterly of upward twenty boosts. This has not resulted in any change in the total liabilities of the companies whose short-term liabilities has decreased to 6,000,000 Kuwaiti dinars and then been converted to long-term liabilities as obligations towards banks.
Also, the cost of funding has been reduced, which will lead to lower financing expenses in subsequent periods.
