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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)
7.
Investments available for sale
December 31,
September
30,
2007
2008
{Audited}
Balance at the beginning of the period
I
year
11,728,068
2,260,844
Additions
22,397,671
9,657,010
Additions relating to a newly consolidated subsidiary
(Note 2)
11,128,931
Disposals
(1,108,150)
(189,786)
Changes in fair value of investments available for sale
122,648
Foreign currency translation adjustments
(3,551}
Balance at the end of the period
I
year
44,265,617
11,728,068
8.
Investment in joint ventures
December 31,
September
30,
2007
September 30,
2008
{Audited)
2007
Balance at the beginning of the period
I
year
7,016,428
1
1
Additions
7,437,414
3,726,877
3,929,649
Group's share of results from joint ventures
1,039,384
3,398,690
2,074,362
Foreign currency translation adjustments
(187,023}
p09,140)
{130,106)
Balance at the end of the period
I
year
15,306,203
7,016,428
5,873,906
During the period, the Group invested an amount of KD 7,437,414 in the new joint venture Seven Zone
Kuwait, the Group's share of loss from the joint venture is amounting to KD 14,279 for the period ended
September 30,2008.
9.
Properties under development
September
30,
2008
December 31,
2007
{Audited)
Cost incurred to date
Recognized profit
Transfer from work in progress
Transfer to work in progress
Transfer to properties held for trading
Transfer from investment properties
Additions relating to a newly consolidated
subsidiary (Note 2)
Less: Progress billings
249,499,709
49,766,548
(17,221,694)
(484,079)
130,954
41,547,608
(133,264,824}
189,974,222
201,611,808
15,612,024
6,780,670
September 30,
2007
112,119,684
14,219,108
{1
01 ,644,692)
122,359,810
{42,778,349)
83,560,443
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