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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
JUNE 30, 2008
(All amounts are in Kuwaiti Dinars)
8.
Accounts payable and other credit balances
December 31,
June
30,
2007
June 30,
2008
(Audited}
2007
Trade payables
63,978,925
29,085,787
41,998,300
Advances received from customers
21,280,483
9,712,251
8,456,792
Due to related parties
2,928,150
4,336,830
1,212,572
Dividends payable
828,648
672,718
1,652,740
Other payables and accrued expenses
12,657,556
3,920,718
6,698,247
101,673,762
47,728,304
60,018,651
9.
Term loans
Term loans carry interest rates ranging from 7% to 8% (December 31, 2007 - ranging from 7.02
%
to 8.5
%
and June 30, 2007 - ranging from 7.5 % to 8.5 %) per annum.
10.
Capital
General Assembly held on March 31, 2008 has approved the increase of capital for strategic investors
amounting to 75,000,000 shares with a par value of 100 Fils each and a share premium of 566.4 Fils.
During the period ended June 30,2008, those strategic investors subscribed in the newly issued shares.
Accordingly,
the issued and paid up capital consists of 454,069,800 shares (December 31, 2007 -
315,891,500, June 30,2007 -315,891,500).
11.
Treasury shares
Number of shares (shares)
Percentage of issued shares (%)
Market value (KD)
Cost (KD)
June
30,
2008
December 31,
2007
(Audited}
5,087,154
1.12%
4,680,181
2,581,421
5,228,695
1.66%
3,450,938
2,889,821
June 30,
2007
15,351,402
4.9%
8,570,299
7,525,440
12.
Additional gain from sale of investment property
During the period ended June 30, 2008, there was a delay in a settlement payment relating to sale of
investment property that occurred in 2007. This resulted in increase in the selling price amounting to
KD 2,567,950, the increase was accounted in the interim condensed consolidated income statement as an
additional gain from sale of investment property.
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