Mubasher: Abyaar Real Estate Development has signed a memorandum of understanding (MoU) with a local bank in Kuwait to settle financial liabilities in the form of credit facilities valued at KWD 20.4 million.
The amount of this liability includes the original debt with profits as registered on 31 December 2018, according to a bourse statement on Monday.
Abyaar noted that the settlement will be executed in kind through transferring the ownership of KWD 19.4 million worth assets of the real estate company to the bank.
Therefore, Abyaar’s liabilities will decrease by KWD 20.4 million while the Islamic financing creditors will decrease by 49%.
