10 / 18
AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SEPTEMBER 30, 2008
(All amounts are in Kuwaiti Dinars)
The interim consolidated financial information include the financial information of AI Mazaya Holding Company -
K.S.C. (Closed) (the Parent Company) and the following subsidiaries (the Group):
Percentage of holding
Subsidiaries
Country of
incorporation
December 31.
September 30,
2007
September 30.
2008
%
2007
%
(Audited)
%
AI Mazaya Real Estate Development Company -
K.S.C. (Closed)
AI Mazaya Real
Estate FZJLLC and its
subsidiaries:
AI Dana Real Estate Limited
AI Rayhan Real Estate Limited
Advantage General Trading Co. W.L.L.
AI Mazaya AI Khalijia for General Trading and
Contracting - Khalid S. Esbaitah and Partners
- W.L.L.
AI Mazaya Arabian Real Estate Company-
Khalid S. Esbaitah and Partners - WL.L.
AI Mazaya International for Projects Management
Company - Khalid S. Esbaitah and Partners -
WL.L.
Mazaya Lebanon Company - SAL. (Holding) and
its subsidiary:
Mazaya Lamartien - SAL.
Seven Zones Real Estate Company K.S.C.C
First Dubai Real Estate Development Company -
K.S.C. (Closed) and its subsidiary:
Future International Project Management -
W.L.L. and its subsidiary:
Water Front Real Estate Company K.S.C.
Kuwait
U.A.E
UAE
U.A.E
U.A.E
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Kuwait
100
100
100
Kuwait
100
100
100
Kuwait
100
100
100
100
100
100
100
100
100
100
Lebanon
Lebanon
Kuwait
Kuwait
66.57
81.78
91.6
Kuwait
Kuwait
77.89
91.97
During the period, the Parent Company acquired additional 0.37% interest in the equity of First Dubai Real
Estate Development Company - K.S.C. (Closed) for an amount of KD 2,247,839 which resulted in increase in
the goodwill of KD 1,680,793.
Also during the period, the Parent Company sold a portion of its interest in the equity of First Dubai Real Estate
Development Company - K.S.C. (Closed) representing 15.58% resulting in a gain of KD 4,448,623. The
decrease in the goodwill related to the sale transaction amounted to KD 461,874.
Based on ali the mentioned above, the goodwill movement from this subsidiary is as follows:
Beginning balance
Related to additions
Less: The group's share of fair value of identifiable assets and liabilities at
the date of the acquisition
Net goodwill
Related to disposals
Ending balance
September 30,
2008
1,005,927
2,247,839
(567,046)
2,686,720
(461,874)
2,224,846
During the period ended September 30, 2008, First Dubai Real Estate Development increased its authorized
capital to 1,000,000,000 shares. The fully paid up capital amounted to 948,358,940 shares. The Parent
Company sold a portion of its waiver of subscription in the subsidiary's capital increase. This resulted in a
dilution loss amounting to KD 2,609,170.
8