DRC and issue of valuing land grant

I was counting the beans of Dubai Refreshments Co. (DRC), the Pepsi and Aquafina bottler that is listed on Dubai Financial Markets (DFM). The company’s financial statement for 2005 was published on DFM’s web site in January 2007. Auditors’ opinion was from PriceWaterhouseCoopers, Dubai. However, item 5 of the Notes on Accounts is worth a review.

Under the schedule of Property, Plant and Equipment, the Notes disclose "Factory buildings have been erected on land provided free of charge by H.H. The Ruler of Dubai."

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