Mubasher: National Real Estate clarified that the debt volume owed to Agility Public Warehousing stands at KWD 31 million, according to a bourse filing on Tuesday.
Following the process of swapping the debt to an equity in National Real Estate’s capital, the debt will be fully repaid by issuing 248 million shares for Agility Investment Holding Limited.
The issuance will be based on the converting price of 125 fils per share; thus, National Real Estate’s capital will increase by KWD 24.8 million, the statement added.
The issue premium for this swap transactions totals KWD 6.2 million; however, this value can be modified according to the international standards for the company’s financial reports.
National Real Estate expected that Agility’s share in the company’s capital will stand at 20% following the swap transaction.
Furthermore, National Real Estate forecast that its loans will decrease by KWD 31 million in return for a growth in the issued and paid-up capital by KWD 24.8 million distributed on 248 million shares. National Real Estate’s total capital will be KWD 123.77 million.
It is noteworthy that Agility is listed on both Boursa Kuwait and the Dubai Financial Market (DFM).
