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AL MAZAYA HOLDING COMPANY K.S.C. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
11.
INVESTMENT IN JOINT VENTURES
MI\Z,AYA
""",'!OHAO
During the year, the Group disposed of its interest in ajoint venture, The Group's share of net assets disposed of
amounted to KD 7,411,727 against a sale consideration of KD 7,393,666 resulting in a loss on disposal
amounting to KD 18,061. Of the total consideration, KD 1,474,830 is deferred and is due within one year.
Country of
incorporation
AI Madar Gulf Limited
AI Wahda Real Estate Investment Limited
Seven Zones
2011
KD
2,018,887
1,203,030
Al Madar Gulf Limited
Al Wahda Real Estate Investment Limited
Seven Zones
3,221,917
2011
KD
11,054,413
Balance at the beginning of the year
Additions
Group's share of results for the year
Disposal
Foreign currency translation adjustments
Balance at the end of the year
(284,018)
(7,411,727)
(136,751)
3,221,917
2011
Al Madar
Gulf Limited
KD
7,831,654
(3,793,073)
4,038,581
Assets
Liabilities
Net assets
Group's share of net assets
2,018,887
Revenue
(Loss)/profit for the year
Group's share of results
706,530
(4,408,041)
(2,203,580)
26
UAE
UAE
Kuwait
2010
(Restated)
KD
4,270,700
(628,014)
7,411,727
11,054,413
2010
(Restated)
KD
11,737,667
(177,737)
(505,517)
11,054,413
AI Wahda
Real Estate
Investment
Limited
KD
17,694,688
(15,188,375)
2,506,313
1,203,030
21,232,601
3,999,087
1,919,562
Ownership
Percentage%
49.99
48
50
2009
(Restated)
KD
4,534,859
(58,168)
7,260,976
11,737,667
2009
(Restated)
KD
11,681,170
215,133
(226,592)
67,956
11,737,667
Seven Zones
KD