Mubasher: Al Mazaya Holding Company, which is listed on Boursa Kuwait and the Dubai Financial Market (DFM), signed two sharia-complaint loan agreements with a Kuwaiti bank at a combined value of KWD 27.5 million ($90.6 million).
The financing will be used to restructure credit facilities previously secured from the same lender, according to a bourse filing on Wednesday.
Al Mazaya Holding will also use the new facilities to finance its business and real estate investments.
The Kuwait-based real estate developer further explained that these loans will enhance its cash inflows and liquidity.
Al Mazaya Holding’s profits levelled down 29.4% to KWD 5.1 million in 2018 from KWD 7.22 million during 2017.
