Mubasher: Kuwait Investment has reached an agreement to settle the credit facilities pledged to Lagoon Real Estate Development in Bahrain, according to a bourse filing issued on Sunday.
The credit facilities were granted by a consortium of banks, including Kuwait Investment which has participated with BHD 5 million ($13.34 million) in this loan, an amount that created a provision of 50% of its value.
Lagoon Real Estate is expected to fully or partially repay this provision once the agreement’s conditions are completed, this will lead to transferring the property’s ownership to the banks participating in this credit facility.
Kuwait Investment will disclose the financial impact of this settlement once all conditions are completed and effective.
Early on Sunday, the stock of Kuwait Investment gained 0.95% to reach 106 fils after 20,000 shares were exchanged.
