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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)
18.
Deferred consideration on acquisition of properties
2008
Balanceat the beginning of the year
Additions
Additions relating to a newly consolidated subsidiary
Consideration paid during the year
Foreigncurrency transaction adjustments
Balance at the end of the year
38,699,426
16,711,032
10,859,034
(32,264,721 )
3,048
2007
33.421,846
33,531)83
34,007,819
(28,254,203)
38,699,426
19.
Share capital
Authorized, issued and paid-up capital consists of
454,069,800
shares (
2007 - 315,891,500
shares) of
100
fils each (Note
39).
20.
Share premium
This represents cash received in excess of the par value of the shares issued.
21.
Reserves
Statutory reserve
As required by the Commercial Companies Law and the Parent Company's Articles of Association,
10%
of
the profit for the year attributable to equity holders of the Parent Company before contribution to Kuwait
Foundation for the Advancement of Sciences, National Labour Support Tax, contribution to Zakat and
Board of Directors' remuneration is transferred to statutory reserve. The Parent Company may resolve to
discontinue such annual transfers when the reserve equals
50%
of the capital. This reserve is not
available for distribution except in cases stipulated by Law and the Parent Company's Articles of
Association, the Parent Company has transferred an amount of KD
1,353,662
for the year ended
December
31, 2008.
Voluntary reserve
As required by the Parent Company's Articles of Association,
10%
of the profit for the year attributable to
equity holders of the Parent Company before contribution to Kuwait Foundation for the Advancement of
Sciences, National Labour Support Tax, contribution to Zakat and Board of Directors' remuneration is
transferred to the voluntary reserve. Such annual transfers may be discontinued by a resolution of the
shareholders' General Assembly upon recommendation by the Board of Directors, the Parent Company
has transferred an amount of KD
1,353,662
for the year ended December
31, 2008.
22.
Treasury shares
2008
2007
Number of shares (shares)
Percentageof issued shares
(%)
Market value (KD)
Cost (KD)
42,847,154
9.44%
13,496,854
28,049,447
5,228,695
1.66%
3.450,938
2,889,821
33