Mubasher: Mezzan Holding Co has signed three credit agreements with a local Islamic bank for an overall value of KWD 53.75 million ($176.2 million), according to a bourse statement issued on Thursday.
The first agreement is worth a maximum credit value of KWD 19.75 million, and will be used in financing Mezzan’s business.
The second agreement has a maximum credit value of KWD 19 million, and will be earmarked for the supply contracts of Mezzan’s products.
Mezzan noted that the third agreement will have a maximum credit value of KWD 15 million, and will be allocated for securities, murabaha, and letters of guarantee to finance the operating business of Mezzan and its subsidiaries.
The company said that no financial impact will be noticed in Mezzan’s financial position, according to the statement.
At the stock level, Mezzan closed Thursday’s session at KWD 1.020, after about 76,100 shares were traded at a value of nearly KWD 77,570.
