Mubasher: Agility Public Warehousing announced that the indebtedness of its subsidiary Agility Investment Holding Limited has been converted to shares in National Real Estate Company (NREC) after meeting all the required procedures.
The KWD 31 million loan of Agility, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), has been converted to an equity accounting for 20% of NREC’s capital or 272.8 million shares at a nominal value of 100 fils each as well as an issue premium of KWD 5.27 million, according to a bourse disclosure on Wednesday.
Agility noted that the financial impact of this settlement will be a decline in the value of indebtedness as well as an investment in NREC through 20% in the capital.
NREC clarified that the financial impact of settling this loan with Agility will be an increase in the company’s issued and paid-up capital to KWD 136.14 million from KWD 108.86 million.
