Sunday, Aug 07, 2016

Abu Dhabi: Al Mazaya Holding, a Kuwait-based developer listed in Dubai, announced on Sunday it has increased its ownership stake in one of its affiliates in Turkey to 90 per cent from 40 per cent for 7.7 million Kuwaiti dinars.

The investment will be paid through cash and in-kind on instalments, and will make the Turkish entity a subsidiary of Al Mazaya.

“As a result of that deal, the financial statements of that entity will be consolidated with Al Mazaya Holding Co starting from the third quarter of 2016, where the positive financial consequences thereto will be determined once all the transaction’s formalities have been completed, which is expected to be included in the interim financial consolidated financial information for the period ending September 30, 2016,” the company said in a statement posted to the Dubai Financial Market (DFM).

Two weeks ago, Al Mazaya reported 4.13 Kuwaiti dinars (Dh50.1 million) in net profits for the first half of 2016, marking a one per cent increase from the 4.09 million Kuwaiti dinars recorded in the same period in 2015.

First half revenues fell, however, by 14.7 per cent to 21.89 Kuwaiti dinars, down from 25.66 million Kuwaiti dinars in the same half last year.

Staff Report

Gulf News 2016. All rights reserved.