Kuwait-Mubasher: Kuwait Hotels said that an agreement has been reached to settle the legal conflict with a creditor to its subsidiary, Safir International Hotel Management.
The settlement resulted in paying KWD 2 million to the creditor, the company said in a bourse statement.
Kuwait Hotels noted that it had allocated KWD 2.716 million provisions for the creditor in its financial statements of the period ended 31 December, 2010.
The company noted that the additional KWD 716,000 would impact the profitability and would be registered in its financial statements of the period ending 31 December, 2015.
