Kuwait – Mubasher: National Real Estate Company’s (NREC) ordinary general meeting (OGM) is set to discuss a loan worth KWD 31 million ($101.6 million) from Agility Investment Holding Limited, an affiliate of Agility Public Warehousing, in early June.
The loan, which will be repaid within five years, would be divided over a first payment of KWD 3 million, followed by successive instalments of KWD 7 million, payable every two months during the upcoming eight months, according to the company’s statement to Boursa Kuwait on Monday.
In February, NREC had signed a financing agreement with a company affiliated to Agility at KWD 31 million.
The OGM will also review and approve the auditor’s and the board of directors’ reports and the company’s financial statements, NREC said.
Trading on the company’s stock was suspended on Monday, after Agility Public Warehousing, which is 22.34% owned by NREC, requested to suspend the stock’s trading without citing any specific reasons.
