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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007
(All amounts are in Kuwaiti Dinars)
16.
Deferred consideration on acquisition of properties
2007
2006
Balance at the beginning of the year
Additions during the year
Amount transfer from rights to certain properties
Additions relating to the newly consolidated subsidiary
Consideration paid during the year
Balance at the end of the year
33,421,846
33,531,783
5,964,853
19,057,313
4,862,287
7,177,990
(3,640,597)
(28,254,203)
38,699,426
33,421,846
17.
Capital
During the year ended December 31, 2007, number of 1,161,670 shares were issued to increase the
percentage of equity holding of First Dubai for Real Estate Development Company - K.S.C. (Closed)
(Subsidiary). Accordingly, the authorized, issued and paid up capital is as follows:
2007
2006
Number of authorized shares (shares)
Authorized capital (KD)
Number of issued and paid up shares (shares)
Issued and paid up capital (KD)
Number of unsubscribed shares (shares)
316,171,500
31,617,150
315,891,500
31,589,150
280,000
287,454,090
28,745,409
286,012,420
28,601,242
1,441,670
18.
Share premium
This represents cash received in excess of the par value of the shares issued.
19.
Statutory reserve
As required by the Commercial Companies Law and the Parent Company's Articles of Association, 10%
of the profit for the year attributable to equity holders of the Parent Company before contribution to Kuwait
Foundation for the Advancement of Sciences, National Labour Support Tax, contribution to Zakat and
Board of Directors' remuneration is transferred to statutory reserve. The Parent Company may resolve to
discontinue such annual transfers when the reserve equals 50% of the capital. This reserve is not
available for distribution except in cases stipulated by Law and the Parent Company's Articles of
Association, the Parent Company has transferred an amount of KD 3,263,567 for the year ended
December 31,2007.
20.
Voluntary reserve
As required by the Parent Company's Articles of Association, 10% of the profit for the year attributable to
equity holders of the Parent Company before contribution to Kuwait Foundation for the Advancement of
Sciences, National Labour Support Tax, contribution to Zakat and Board of Directors'
remuneration is
transferred to the voluntary reserve. Such annual transfers may be discontinued by a resolution of the
shareholders'
General Assembly upon recommendation by the Board of Directors, the Parent Company
has transferred an amount of KD 3,263,567 for the year ended December 31,2007
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