Mubasher: Agility Public Warehousing, the dual-listed company on Boursa Kuwait and the Dubai Financial Market (DFM), on Monday said that partners in Abu Dhabi's Reem Mall project have met the final conditions of a $457 million credit facility.
Al Farwaniya Property Developments has signed the aforementioned credit facility contract on 20 November 2017, Agility said in a filing to Boursa Kuwait.
The latest developments have impacted the company's financial position as Agility and its subsidiaries invested a total KWD 13.4 million ($44.7 million) in the project, granting the Kuwait-based logistics company a 19.9% stake in Al Farwaniya, Agility added, noting that the paid amount on 31 December 2017 stood at KWD 8.3 million.
The loan will be convertible and will be given directly and indirectly at a total value of KWD 118.5 million, given that the paid loan in December amounted to KWD 26.4 million, the company continued.
The parent company has presented inclusive guarantees to the project valued at KWD 63.7 million and promises to complete the project on the agreed time framework in addition to a secondary inclusive guarantee valued at up to KWD 35 million until March 2023.
These aforementioned amounts will impact the company’s financial statements and the rest will be reflected in its maturity dues, Agility highlighted.
