Kuwait – Mubasher: Gulf Franchising Holding Company (GFC) on Sunday said it has repaid a sum of money as part of a debt settlement to one of its creditors.
The repayment amounts to KWD 420,000 ($1.37 million) from a total of KWD 683,610 ($2.23 million), the company said in a statement to Boursa Kuwait.
It added that the repayment will result in profits for the company worth KWD 218,610 to be registered in the company’s financial statements for the first quarter of 2017.
This new settlement trims GFC’s loans to KWD 142,000.
GFC last reported narrowing its losses in the third quarter of 2016 by 27.9% to KWD 105,700, from KWD 146,500 in the same period in 2015.
The company’s stock closed Sunday’s trades on a negative note, falling 1.96% to 50 fils, after generating KWD 1,850 from the exchange of 38,440 shares.
