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The company's debt declined by 2 million Dinars to reach a total of 43.6 million Dinars
Kuwait - The Chairman of Abyaar Real Estate Development Company Marzooq Al-Rashdan stressed that the company has succeeded during 2015 to repay debt of $ 2 million dinars, which led to a decline in creditors of Islamic financing from 45.6 million dinars in 2014 to 43.6 million dinars in 2015.
Al-Rashdan stated during the General Assembly Meeting that was held yesterday, with a total presence amounted to 70.4% that the company's efforts are currently concentrated towards carrying forward the implementations of the company's projects. In order to deliver projects within the time schedule.
In his speech during the General Assembly, Al-Rashdan emphasized that the company was keen on fulfilling its 2014 promises and obligations during the year of 2015. In which he presented the most significant achievements that took place during 2015:
The company's achievements in multiple real estate projects
- Hilliana Tower Project: the company has attained a major achievement in this year. Where Hilliana residential tower has been developed and completed. Hilliana tower consists of 28 stories and is situated in Dubai. It is noteworthy that the project falls under the Acacia Avenues Project, which is also constructed by Abyaar Real Estate Company. Where the company is currently completing the delivery of its residential units to customers, after the buildings has been equipped and furnished. This in return reflects the company's commitment to its customers, and it consolidates the company's reputation with regards to its reputation in the Real-Estate field.
- Olgana Tower Project: the company is currently developing and completing this dynamic project that consists of 42 stories. Olgana tower is adjacent to Hilliana tower, and the completion rate of the project has reached 30%. Abyaar is pursuing to complete all the concrete work of the project at the end of the third quarter in 2016, with an intent to finalize the construction of the building entirely in the second quarter of 2017.
- IMPZ: the company has achieved a significant attainment with regards to this prosperous project, which is located in Dubai, adjacent to a new shopping mall that has been recently inaugurated. Where Abyaar is preparing floor plans for the project in coordination with the consulting offices. This coordination followed the completion of the procedures of the specialized government entities.
The Company's Financial Obligation:
The company has been committed to the restructuring plan of its liabilities during the fiscal year of 2015 and fulfilling the payment of its debts to a number of local and Gulf banks totaling $ 2 million Kuwaiti dinars, which led to a decline in creditors of Islamic financing from 45.6 million dinars in 2013 to 43.6 million dinars in 2015. Thus, the company is committed to all its contracts with creditor parties without compromising any of its obligations. This in return reflects the momentousness and credibility of the company with its creditors. Furthermore, it enhances the current financial position of the company and exhibits that the company has in fact recovered from the effects of the past financial crisis.
Shareholders' Equity:
The company has achieved in the fiscal year 2015 an increase in equity amounted to 1.8 million dinars, and a growth rate of 2%. This in return has impacted positively on the book value per share, which amounted to 87.3 fils, an increase of 1.7 fils for the financial year 2014. The company also incurred losses during the financial year of 2015 amounted to 21.700 dinars by 0.02 fils loss per share, compared to what the company has achieved by the end of fiscal year 2014 when it achieved a profit of KD 755.088 and profitability of 0.69 fils per share.
The General Assembly:
The General Assembly approved all the items listed on the agenda, including the approval of the non-distribution of dividends to shareholders for the financial year ended in 31/ 12/ 2015, and agreed on not giving the board members a financial reward for the financial year ended on 31/ 12/ 2015. The General Assembly also approved to authorize the board of Directors to deal with the related parties regarding the work of the fiscal years 2015 and 2016. General Assembly also approved the re-election of five new members to the Board of Directors. This is due to the end of the legal term for the membership of the Board of Directors, in accordance with Article number 5 of the Memorandum of Association. In which it provides for the membership duration dedicated for the Board of Directors, which is three years subject to renewal, and if there is a reason not to elect a new board of directors in the date specified, then the existing Board continues to manage the company's business until the demise of the reasons and the re-election of a new council.
-Ends-
About Abyaar Real Estate Development Company
Abyaar Real Estate Development is one of the leading companies operating in the field of property development in the Middle East region. It performs high-quality real estate projects, and well known for its contemporary designs and selection of prime locations.
Abyaar is engaged in developing residential and commercial projects as well as hotels with the help of renowned architects and experts of exterior and interior design, in order to provide unparalleled prestigious product. Moreover, the company operates in compliance with the principles of Islamic Sharia.
© Press Release 2016
