Al Mazaya’s General Assembly Approved Halting Any Dividends Distributing For 2011

Al Mazaya CEO, Eng Nayef Al Awadi, announced that one of the most prominent achievements in 2011 was Mazaya’s settlement with Tamweel which have enhanced cash generated from sales in the Villa residential project.

He added that agreements were signed with contractors to reduce value of contracts and financial obligations. The company has, also, finalized settlements with 5000 clients.

The announceent was made during Al Mazaya Holding regular general assembly meeting for 2011 at Clover Centre at Al Mazaya Tower in Al Jabriyah, which was held with a presence rate of 78.8%. The meeting was opened by Mr Rashid Yaqoub Al Nafisi, Chairman of Al Mazaya Holding in presence of Eng. Naif Al Awadi, CEO of the company, representative of the Ministry of Commerce and Industry, representative of Audit firm, boards members Mr Fahed Al Ibrahim, Vice Chairman, Mr Abdul Aziz Al Lougani, Mr Mohammed Al Atiqi and Mr Mohammed Al Othman, in addition to executive directors of the company and a number shareholders, investors, and media representatives.

Al Nafisi opened the meeting saying that 2011 was a year of laying foundations for a new phase of achievements the company is looking forward to in the coming years, particularly following the settlement of payment with owners and investors, including those whose payments had been defaulted or delayed. This step has helped to bring into play a number of deals and amendments which serve the interests of the company and investors.

He added that Al Mazaya managed to settle contracts worth $50m with investors during 2011, negotiated other contracts worth $60m, and reached solutions that protected the rights of investors and shareholders, alike, and were agreed on by all parties.

Al Nafisi presented all the items on the agenda of the general assembly and heard the report of the board of directors for the fiscal year ended 31 December 2011, which was approved by the assembly. The auditor report, the balance sheet and final accounts for the fiscal year ended 31 December were also approved during the meeting.

The assembly approved impairment accumulated losses of KD58105,339 through premium. The assembly approved, also, a proposal submitted by the Board of Directors to not distribute any dividends for the fiscal year ended 31 December 2011, the waiver of the board members’ remuneration for the fiscal year ended 31 December 2011, and the renewal of the mandate authorising the Board of Directors to sell and buy up to 10% of the company’s shares in accordance with Act No. 132 of 1986 and Executive Decree No. 15 of 1987 issued by the Minister of Trade and Industry, allowing the company to deal with concerned parties, discharge the members of the Board of Directors from liability for the fiscal year ended 31 December 2011, appoint or reappoint auditors for the fiscal year 2012 and authorize the board of directors to determine the amount of remuneration to be paid to auditors.

Press Release