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Results of the meeting of the Board of Directors of First Dubai Real Estate Development Company.

Reference to the above subject, and our disclosure on the date of 20/09/2021 kindly find attached the material information disclosure form clarifying the results of the meeting of the BOD of First Dubai Real Estate Development Company K.S.C.P held on 23/09/2021.




First Dubai Real Estate Development Company K.S.C.P

Name of listed company

First Dubai Real Estate Development Company K.S.C.P (a subsidiary of Al Mazaya Holding) disclosed that its board of directors had approved the following:

1. Selling all shares of a subsidiary company in the Kingdom of Saudi Arabia for cash and in kind, with a net amount of 15,500,000 Kuwaiti dinars (fifteen million five hundred thousand Kuwaiti dinars).

2. The board of directors approved to set-off the entire accumulated losses.

3. The board of directors’ recommendation of reducing the company's capital from KD 100,000,000 to KD 74,129,328 as a result of setting off the accumulated losses mentioned in the previous item.




Material information

First: Regarding the sale of the subsidiary company’s shares, the profit or loss resulting from that transaction will be determined based on the fair value of the in-kind part of the transaction once it is completed and final, and when all the contracting parties fulfill their contractual obligations, and the shares of the subsidiary company are transferred to the buyer.

Second: Regarding the losses set off and reduction of share capital and if the relevant regulatory authorities and the general assembly of the company’s shareholders approve the board recommendations mentioned above, then setting off the accumulated losses and reducing the capital will result in improving the efficiency of the shareholders’ equity as well as amending the values of the above mentioned items accordingly without changing the total shareholders equity of the company.


Effect of the material information on the company financial position