Al Mazaya’s unit sells property in Dubai for $21mln

Al Mazaya is listed on both the Dubai Financial Market (DFM) and Boursa Kuwait.

  

 A UAE-based subsidiary of Al Mazaya Holding has signed a contract for the sale of a property in Dubai, with the price value to be paid in cash and in-kind.

Upon completion of the sale procedures, the total value of the deal will near AED 77 million (KWD 6.5 million), according to a stock exchange statement on Monday.

The cash sum amounts to AED 40 million (KWD 3.4 million), while the remaining payment-in-kind (PIK) stands at AED 37 million (KWD 3.1 million) and will be settled through other income-generating real estate units, granted by the buyer and registered through their fair value (FV) as per the International Standards for Financial Reports (ISFRs).

The transaction will generate an approximate loss of AED 770,000 (KWD 65,000) that will be registered in the company’s consolidated financial statements during the period when the cash portion is received and upon completion of all related ownership transfer procedures for all properties and also upon issuance of the final real estate valuation report for the acquired units.

It is noteworthy that in 2019, Al Mazaya incurred losses of KWD 8.768 million, versus a net profit of KWD 5.103 million in 2018.

Al Mazaya is listed on both the Dubai Financial Market (DFM) and Boursa Kuwait.

Source: Mubasher

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