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AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
JUNE 30, 2021
(All amounts are in Kuwaiti Dinars)

9. Annual General Assembly
The Annual General Meeting of the Shareholders held on February 22, 2021, has approved the consolidated financial
statements of the Group for the year ended December 31, 2020, and approved the following items:
• Not to distribute cash dividend or bonus share and not to pay Board of Directors remuneration for the year ended
December 31, 2020.
• To offset the entire accumulated loss balance amounted to KD 3,733,833 representing 5.42% from capital share as at
December 31, 2020 against reducing the balance of the share premium from KD 21,655,393 to KD 17,921,560.

The Annual General Meeting of the Shareholders held on February 20, 2020, has approved the consolidated financial
statements of the Group for the year ended December 31, 2019, and not to distribute cash dividend or bonus share and
not to pay Board of Directors remuneration for the year ended December 31, 2019.

During the period ended June 30,2021, the extraordinary General meeting of the Shareholders held on April 25, 2021 has
approved to cancel 58,719,140 shares of direct treasury shares amounted to KD 18,625,088 by reducing the Parent
Company’s share capital from KD 68,827,896 to KD 62,955,982 as an equivalent to the direct treasury shares’ par value
amounted to KD 5,871,914 in addition to reduce the statutory reserve by KD 12,753,174. On June 8, 2021, the commercial
registry notarization was completed, and subsequent to the interim condensed consolidated statement of financial
position’s date, the related amendment procedures of the Parent Company’s shareholders register have been completed,
where the impact of those transactions was therefore recorded subsequent to the interim condensed consolidated
statement of financial position.

10. Establishment and consolidating of a subsidiary
During the period ended June 30, 2021, The group has completed the establishment of a medical subsidiary and
consolidating it in it’s consolidated financial statements, detailed as follows:

Country of Percentage of
Name of subsidiary incorporation Principal activities ownership
Med Cell medical company – K.S.C.C. (a) Kuwait Medical services 50%

(a) The Parent Company has consolidated the financial statements for this subsidiary as the Parent Company is
represented by a majority of the subsidiary’s board of directors members, which qualifies it to have a control
over this new subsidiary.

11. Fair value measurement
The Group measures financial assets such as financial assets at fair value through profit or loss, financial assets at fair
value through other comprehensive income, and non-financial assets such as investment properties at fair value at the
end of the financial peroid.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value
measurement as a whole:

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