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AL MAZAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
The movement during the year is as follows:
Balance at the beginning of the year
Additions
Disposals
Reclassified from investments at fair value through income
statement (Note 4)
Transferred to investment in an associate (Note 8)
Changes in fair value
Impairment loss (Note 27)
Balance at the end of the year
2008
2007
11,728,068
81,763,044
(59,482,048)
2,260,844
9,625,829
(158,605)
845,875
(3,813,810)
68,567
(6,861,476)
24,248,220
11,728,068
Additions and disposals balances include unquoted securities amounting to KD 23,398,111 and
KD 11,128,931 respectively related to a newly consolidated subsidiary.
8.
Investment in an associate
Name of the associate
Mazaya Qatar Real Estate Development
Country of
Incorporation
Qatar
Ownership
Percentage
10%
2008
2,405,889
The movement during the year is as follows:
2008
Transferred from investments available for sale (Note 7)
Group's share of results from an associate
Elimination
Provision for investment in an associate (Note 28)
Balance at the end of the year
3,813,810
120,157
(28,078)
(1,500,000)
2,405,889
The Group's interests in its associate as at December 31, 2008 were as follows:
Assets
Liabilities
Net assets
Name of the associate
2008
2008
2008
Mazaya Qatar Real Estate Development
3,989,449
83,560
3,905,889
Revenues
Results
Name of the associate
2008
2008
Mazaya Qatar Real Estate Development
127,155
120,157
The Group has significant influence over the financial and operating policies of the associate, and hence the
Group accounts for its investment as investment in an associate.
The group's share of results was based on accounts as at December 31, 2008 prepared by the management
of the associate, since the associate's first financial year shall end on December 31,2009.
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