Mubasher: United Real Estate has renewed a credit facilities agreement with Ahli United Bank – Kuwait (AUB Kuwait) at a value of KWD 9.966 million.
The loan will be due on 2 June 2022 and will be used in financing the Kuwaiti firm’s investments and activities, according to a bourse statement on Thursday.
The financial impact of this transaction will be extending the debt’s maturity and, therefore, reclassify the credit facilities to long-term liabilities instead of being short-term, starting the first quarter (Q1) of 2020.
It is worthy to note that during the first nine months of 2019, the real estate firm turned to a profit of KWD 3.09 million, against a loss worth KWD 3.29 million in the same period in 2018.
