Mubasher: Salbookh Trading on Sunday announced signing an agreement with MEDCO Company that entails the waiver of an industrial usufruct (no. 151+194) for the properties and plants established on this land in Sulaibiya, Kuwait, in favour of Salbookh.
The waiver came as a means of repaying debt of KWD 955,140 owed by MEDCO to Salbookh, the company said in a filing to Boursa Kuwait.
It added that a final ruling was issued in the case on 20 July.
The financial impact of the usufruct waiver will be determined after the necessary procedures for ownership transfer are done.
