12 / 17
Al Mazaya Holding Company K.S.C. and its Subsidiaries
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2013(UNAUDITED)
5
INVESTMENT IN JOINT VENTURES
During the previous year, the Parent Company entered into an agreement with one of its partners, Al Nafisi National
Real Estate Group K.S.C.(Closed) (NNRG), to distribute certain assets of it's joint venture (JVs) AI Wahda Real
Estate Investment Limited (Al Wahda).
During the period, the Group received the remaining balance of its share of assets from the assets distributed that
amounted to AED 51,000,000 equivalent to KD 3,918,125 and is netted off against the carrying value of Al Wahda.
6
CASH AND CASH EQUIVALENTS
(Audited)
30 June
31 December
30 June
2013
2012
2012
lID
KD
KD
Cash in hand and at banks
12,416,823
13,066,745
14,249,312
Short term deposits
146,222
3,362,932
Cash in portfolios
(31,354)
178,458
(20,151)
12,385,469
13,391,425
17,592,093
Bank overdrafts
(3,018,938)
(2,915,796)
(2,965,299)
9,366,531
10,475,629
14,626,794
Restricted bank balances
(5,410,087)
(6,209,342)
(7,165,041)
3,956,444
4,266,287
7,461,753
Restricted bank balances represent escrow accounts restricted for receiving and making payments for specific
construction activity and these may not be available for use within 90 days.
7 TREASURY SHARES
Number of shares
Percentage of issued shares (%)
Market value (KD)
(Audited)
30June
31 December
30June
2013
2012
2012
lID
KD
KD
64,802,113
64,802,113
64,802,113
9.98
9.98
9.98
7,517,045
4,730,554
4,406,544
8
PROVISIONS NO LONGER REQUIRED
Provision no longer required mainly includes, a gain of KD 964,791 arising on settlement of a liability included in
accounts payable and other credit balances payable to a broker and KD 512,554 arising on reversal of provision due
to recovery of accounts receivable and other debit balances previously provided for.
11