Al Mazaya Holding Co (K.S.C) a leading property firm in the region, signed a contribution contract with "Oman Construction" to share in a real estate investment portfolio in Oman with a capital of OMR 3.1 million. Al Mazaya's share is 40% while 12% is for Oman Construction and 12% for "Mina" real estate company. The remainder of the percentage is submitted for IPO from a chosen group of investors and real estate companies.
Disclosure of the Results of BOD Meeting of Al Mazaya Holding Co.
02-June-2025
Date:02/06/2025
Subject: Disclosure of the Results of BOD Meeting of Al Mazaya Holding Co.
Reference to the above subject, kindly find attached the material information disclosure form regarding the results of the meeting of the BOD of Al Mazaya Holding Co. held on 02/06/2025
Disclosure of material information
| Date: |
02/06/2025 |
| Name of listed company |
Al Mazaya Holding Co. K.S.C. P |
| Material information |
The Board of Directors of Al Mazaya Holding Company K.S.C.P (Holding) had convened on Monday, 02-June-2025, at 1:00 PM and approved to sign credit facility agreement with a Kuwaiti bank for a total of KWD 35,542,500 (thirty-five million five hundred forty-two thousand five hundred Kuwaiti Dinars) which will be used as follows:
- Reprofiling current outstanding borrowings with the bank amounting to KD 28,542,500 to be repaid over 8 years via periodic installments and final balloon payment ending on 30-June-2033.
- Renewal of the current outstanding revolving limit of KD 5,000,000 and renewal of available revolving limit of KD 2,000,000.
|
| Effect of the material information on the company financial position |
The agreement shall enhance the Company's liquidity during its tenor. Which is expected to be reflected in the company's financial statements upon signing and notarizing the final agreement with the relevant government authorities, which is expected to take place during the second or third quarter of the year 2025. |
The issuer of this disclosure bears full responsibility for the soundness, accuracy, and completeness of the information contained therein. The issuer acknowledges that it has assumed Care of a Prudent Person to avoid any misleading, false, or incomplete information. The Capital Markets Authority and Boursa Kuwait Securities Exchange shall have no liability whatsoever for the contents of this disclosure. This disclaimer applies to any damages incurred by any Person as a result of the publication of this disclosure, permitting its dissemination through their electronic systems or websites, or its use in any other manner.