Mubasher: Kuwait and Gulf Link Transport (KGL) and KGL Logistics said that an associate is in the final negotiations overs selling assets worth $35 million.
KGL and KGL Logistics own a share of 38.9% and 24.29, respectively, in the associate, according to a bourse statement issued on Tuesday.
KGL clarified that a gain worth KWD 900,000 will be realised if a final agreement is reached to sell the assets.
KGL has received a preliminary approval from a lending bank to settle debts resulted from credit facilities worth KWD 35 million; negotiations are being entered to schedule the repayment period, the statement added.
