Kuwait-Mubasher: Kuwait Business Town Real Estate has signed an agreement to raise two Islamic credit facilities worth a total of $50.52m from a local bank, according to a statement on Wednesday.
The agreement includes a long-term revolving loan that is worth KWD 2.57 million ($8.52 million), with duration of five years and a renewal option.
With a profit margin of 3%added to the discount rate announced by Kuwait’s central bank, the credit facility will be used to pay off expensive debts to another local lender.
Another loan worth $42 million (KWD 13 million) was agreed on, with a profit margin of 3%.
The financial impact of the credit facilities will reflect on the company’s financial results starting from Q2-16.
On the Kuwaiti exchange, the developer’s stock ended Wednesday’s session at 43 fils, after 2.71 million shares were traded with a value of around KWD 115,400.
