In this section
Financial Statements
Notes to the financial statements
for the year ended 31 December 2011
28 Legal reserve
The Legal reserve relates to subsidiaries (other than the subsidiaries incorporated in free zones) in the UAE and Sultanate of Oman. In accordance with the laws of the respective countries, the Group has established a statutory reserve by appropriating 10% of the profit for the year of such companies. Such transfers are required to be made until the reserve is equal to, at least, 50% (UAE) and 33.3% (Sultanate of Oman) of the issued share capital of such companies. The legal reserve is not available for distribution.
| 2011 USD’000 | 2010 USD’000 | |
|---|---|---|
| At 1 January | 33 | 31 |
| Transfers during the year | 2 | 2 |
| At 31 December | 35 | 33 |
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