With reference to the above subject regarding the disclosure of material information as specified in Module 10 "Disclosure and Transparency" of the Capital Markets Authority Executive Regulations of Law No. 7 of 2010, and based on Chapter IV Article (4-1) of that module.
Please find attached the disclosure of material information form with the required details.
Note: This is a translation for ease of reference only. The binding text is the Arabic text. In case of any difference between the Arabic and the English texts, the Arabic will prevail.
Markaz has assessed that it no longer controls Markaz Gulf Real Estate
Fund (a subsidiary) as per IFRS 10, due to the reduction in its stake
Material Information
from 40.245% to 36.713%. Accordingly, Markaz's investment in
Markaz Gulf Real Estate Fund will be reclassified to Investment in
Associates.
Significant Effect of the
This reclassification is expected to result in a reduction in the Group's
total assets by KD 12M, total equity by KD 11 M and total liabilities by
material
KD 1M but is not expected to have any material impact on the
information on the financial
statement of profit or loss. The financial impact of this reclassification
position of the Company
will be reflected in June 2023 reviewed financial statements.
__________________________
Maha Abdulsalam Imad
Executive Vice President
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MARKAZ - Kuwait Financial Centre KPSC published this content on 17 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 July 2023 06:00:06 UTC.
Kuwait Financial Centre KPSC is a Kuwait-based asset management and investment banking company in the Middle East/North Africa (MENA) region. The Company provides several products and services including asset management, investment banking, real estate investment, wealth management and research. Its asset management services include diverse proprietary as well as customized investment solutions across mutual funds and specific portfolio management. The Company offers investment banking solutions across equity capital markets and debt capital markets, listings, capital structure advisory, restructuring, mergers and acquisitions advisory, among others. Its real estate investment portfolios focus on assets across residential, commercial, and industrial segments. It has a database of regional businesses for its clients looking for tailored research. Its equity, fixed income and real estate funds include Markaz Real Estate Fund, Markaz Mumtaz Fund, Forsa Financial Fund, among others.