Kuwait-Mubasher: Shuaiba Industrial has signed a credit facility contract worth KWD 2.8 million ($9.3 million) with a local bank, according to a bourse statement issued Tuesday.
The finance contract aims to cover the company’s expansions in both Kuwait and the UAE’s Jebel Ali. The company noted that the contract is an “industrial loan”.
A profit margin in debt service will be registered in the financial statements starting from the second quarter of 2016 to the end of the loan.
The positive impact from the deal will help in raising the company’s estimated revenues as well as the production capacity.
Shuaiba stock ended Tuesday’s session falling 8.77% to 260 fils, heading the losers.
