### Mazaya Real Estate: Disclosure of Capital Reduction for Mazaya Real Estate Development Q.P.S.C.

Mazaya Real Estate announces that it has obtained all the necessary approvals to implement the capital reduction process, as per the resolution of the Extra Ordinary General Meeting (EGM) dated 17/05/2023 which approved the reduction of the company's capital and the cancellation of 157,625,000 shares, equivalent to QAR 157,625,000, which represents 13.6% of the total capital, so that the new capital of the company becomes 1,000,000,000 (one billion) shares, equivalent to QAR 1,000,000,000 (one billion Qatari riyals) by extinguishing the equivalent of QAR 157,625,000 of accumulated losses. Additionally, QAR 39,599,645 from the legal reserve will be used to extinguish the remaining losses, which amount to QAR 39,599,645. Thus, the total extinguished losses will be QAR 197,224,645.

The last day of trading prior to the capital decrease will be on Thursday November 30, 2023. The following trading day ([Sunday, 3rd of December 2023]) will reflect the new capital.

It’s worth noting that the formula for capital reduction shall be used as followed by Qatar Stock Exchange and other regulatory authorities.

Example:

• Shareholder owns 1000 shares as on the end of Thursday November 30, 2023 with closing price QR 0.7

• The shareholder will have as on the beginning of Sunday December 3, 2023 = 1000 - 13.6%= 863 shares.

• The reference price on the beginning of Sunday December 3, 2023 will calculated as follows = (No. of shares before reduction x closing price) / No. of shares after reduction (1,157,625,000 x QR 0.7) / 1,000,000,000 = QR 0.81

Where the total value of shares (Market Capitalization) before the reduction will be equivalent to the total value of shares on the beginning of the trading session after the reduction.

Pro forma financial information before and after the capital reduction can be found on the company’s website.

More News