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AL MAZAY A HOLDING COMPANY K.S.c. AND ITS SUBSIDIARIES
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(UNAUDITED)
For the period from I January to 30 September 2011
~\AZAYA
AIMrOlMO
16.
DISPOSAL OF A SUBSIDIARY
On 3I January 2011, the Parent Company disposed of its 92.23% owned subsidiary United Circle General
Contracting and Building Company.
The details of the disposal are as follows:
30 September
2011
Nine-month
period ended
KD
Net assets disposed off
Increase in Non Controlling Interests due to the disposal
Deferred consideration
Difference arising on decrease in ownership of subsidiary without losing control
941,573
(592,147)
349,426
As a consequence of the disposal, the Group's effective share in its subsidiary Waterfront Real Estate
Company K.S.C. (Closed) decreased from 86.43% to 83.43% resulting in increase of non-controlling
interests.
14