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AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SEPTEMBER 30, 2023
(All amounts are in Kuwaiti Dinars)

Subsequent to the date of the interim consolidated financial information, the two parties signed a termination and
settlement agreement for this transaction due to the second party’s failure (the buyer) to fulfill his remaining obligations
to complete the deal, which led the two parties to terminate the deal and agree on a final settlement which includes the
buyer’s undertaking to assume a bank debt amounting to KD 4,000,000 relating to the properties previously transferred
to First Dubai Real Estate Development Company - K.S.C. (Public) (a subsidiary), in addition to the payment of KD
150,000 to the parent company within one year period from signing the termination and settlement agreement as a final
settlement between the two parties. On the other hand, the parent company shall retransfer back to the buyer the
ownership of the properties subject to that settlement which were previously transferred to it within the terms of this
transaction. The termination of that transaction will result in the reclassification of the assets classified as held for sale
and their related liabilities back to the group’s assets and liabilities, as well as reclassifying the results of operations
pertaining to Kuwaiti Saudi Real Estate Investment Company - O.P.C. within the continuing operations, in addition to
excluding the liabilities and the properties related to that transaction from the company’s financial statements when
those properties’ ownership is transferred to the buyer. The impact of these transactions will be included in the
company’s consolidated financial statements in the fiscal period where the procedures for transferring ownership of
those properties subject to settlement are finalized.

The major items of assets and liabilities comprising the subsidiary under disposal which are classified as held for sale
are as follows:

December 31,
September 30, 2022 September 30,
2023 (Audited) 2022
Assets:
Cash in hand and at banks 749,383 199,294 183,522
Accounts receivable and other debit balances 52,884 74,207 152,050
Investment properties 14,714,944 14,881,261 15,517,458
Total assets classified as held for sale 15,517,211 15,154,762 15,853,030

Liabilities:
Accounts payable and other credit balances 293,471 246,159 234,702
Employees’ end of service benefits 1,485 2,126 3,828
Total liabilities relating to assets classified as held for
sale 294,956 248,285 238,530
Net assets classified as held for sale 15,222,255 14,906,477 15,614,500

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