Mubasher: National Real Estate (NREC) has signed a credit facility agreement with a subsidiary of Agility Public Warehousing, which is listed on both Boursa Kuwait and Dubai Financial Market (DFM).
The loan agreement is worth KWD 31 million ($101.4 million), with duration of five years, according to a bourse statement issued on Wednesday.
The loan repayment will be either in cash or through converting the amount into shares as 125 fils per share, subject to the approval of shareholders and regulatory entities.
In a separate bourse filing, Agility said that the loan will reflect in the company’s financial statements of the first quarter of 2017.
