“Mazaya” finalizes capital reduction approvals to extinguish accumulated losses

2023-11-27 05:21:28

Doha – Mubasher: Mazaya Real Estate Development Company announced that it has completed obtaining all official approvals. To implement the process of reducing the company’s capital, in accordance with the decision of the Extraordinary General Assembly issued on May 17, 2023; To extinguish accumulated losses.

The reduction will take place, according to a statement from the Qatar Stock Exchange yesterday, Sunday, by canceling 157.63 million shares, equivalent to 157.63 million Qatari riyals, representing 13.6% of the total capital, so that the company’s new capital becomes one billion shares, with a value of one billion riyals.

The statement pointed out that the reduction will be used to extinguish accumulated losses amounting to 157.63 million riyals, and an amount of 39.59 million riyals will be used from the legal reserve to extinguish the remaining losses with the same value taken from the reserve, and therefore the total amortized losses will be 197.22 million riyals.

The last trading day before the capital reduction will be next Thursday, November 30, 2023, and the next trading day, Sunday, December 3, will reflect the new capital.

Mazaya stated that the capital reduction formula will be followed as followed by the Qatar Stock Exchange, Qatar Central Depository Company and the relevant regulatory authorities. The total value of the shares before the reduction will be equal to the total value of the shares at the opening of the day the reduction is implemented.

It is noteworthy that the company achieved a profit of 21.54 million riyals in the first nine months of the current year, compared to 32.19 million riyals in profit for the same period in 2022, an annual decline of 33.08%.

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