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AL MAlAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
12.
Work in progress
Balance at the beginning of the year
Additions
Transferred from investment properties (Note 11)
Transferred to properties held for trading (Note 6)
Balance at the end of the year
2008
8,824,150
3,642,455
2007
1,075,479
466,771
7,281,900
(891,891)
8,824,150
11,574,714
Certain project with a carrying amount of KD 9,826,256 is pledged against term loan (2007- Nil) (Note 15).
13.
Leasehold land
Leasehold land represents a land leased from a Bahraini Company through a subsidiary. The leasehold
right value will be amortized over 25 years which represents the lease period.
14.
Accounts payable and other credit balances
Trade payables
Advances received from customers
Amounts due to related parties (Note 35)
Retentions payable
Accrued development cost
Dividends payable
Other payables and accrued expenses
2008
9,510,197
76,128,708
9,745,139
2,588,178
1,250,737
757,182
7,602,709
2007
29,085,787
9,712,251
4,336,830
107,582,850
672,718
3,920,718
47,728,304
Trade payables are non-interest bearing. There is no material difference between the fair value and the
book value of accounts payable and other credit balances.
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