Page 25 - Q3-2024-EN

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)

a) Investment properties include all properties listed under assets classified as held for sale.

There were no transfers between Level 2 and Level 3 during the period.

14. Significant events
During the period ended September 30, 2023, an agreement was reached between Al Mazaya Holding Company -
K.S.C.P. (Parent Company) and First Dubai Real Estate Development Company - K.S.C.P. (Subsidiary) on entering
into a Merger by Amalgamation, where Al Mazaya Holding Company - K.S.C.P. will be the “Merging” company and
First Dubai Real Estate Development Company - K.S.C.P. will be the “Merged” company. The merger contract has
been approved by the Capital Markets Authority on September 24,2023. The remaining merger procedures are
currently under execution by both parties in accordance with the relevant legal and regulatory requirements.

Subsequent to the date of the interim consolidated financial information, and after the approval of the Capital Markets
Authority, the Board of Directors of Al Mazaya Holding Company - K.S.C.P. (Parent Company) has convened on
October 18, 2023, and approved the following items:

a) The recommendation to the Extraordinary General Assembly to discuss the ratification of the merger contract
through amalgamation between Al Mazaya Holding Company K.S.C.P. (Parent Company) and First Dubai Real
Estate Development Company K.S.C.P (Subsidiary) dated September 19, 2023, and to ratify all its annexes
including the independent Investment Consultant report, the Assets Valuation report prepared by the independent
asset valuator, and the Share Swap Rate representing the consideration to be received by First Dubai Real Estate
Development Company K.S.C, which is (0.497 shares) of Al Mazaya Holding Company K.S.C.P shares in
exchange for (1) share of First Dubai Real Estate Development Company K.S.C.P., after obtaining all required
approvals from the relevant regulatory authorities.

b) The recommendation to the Extraordinary General Assembly to discuss the approval of the merger through
amalgamation between Al Mazaya Holding Company K.S.C.P. (Parent Company) and between First Dubai Real
Estate Development Company K.S.C.P. (Subsidiary) through the dissolution of First Dubai Real Estate
Development Company K.S.C.P. and transferring its entire financial records including assets and liabilities through
amalgamation, which includes all its assets, rights, and obligations, to Al Mazaya Holding Company K.S.C.P., and
the cancellation of the legal personality of First Dubai Real Estate Development Company K.S.C.P. after
completing the merger procedures, canceling its license, and removing it from the records of the Department of
Joint Stock Companies at the Ministry of Commerce and Industry, all of which shall be after completing all
approvals of the relevant regulatory authorities.

c) The recommendation to the Extraordinary General Assembly to discuss the approval for the continuation of trading
the shares of Al Mazaya Holding Company K.S.C.P on Boursa Kuwait and the Dubai Financial Market after the
merger process and announcing the merger process by publishing on the website of Boursa Kuwait, Dubai
Financial Market and in the Official Gazette and registering the merger process in the company’s commercial
registry.

21