Mubasher: Kuwait-based United Real Estate (URC) has renewed and amended a loan agreement with Burgan Bank.
After amending the deal, the facility's value reached KWD 59.5 million, according to a bourse filing.
The contract includes KWD 5 million as overdraft, KWD 40 million as a renewed loan, letters of guarantees at a value of KWD 6.5 million, KWD 3 million first facility, and KWD 5 million as a second loan.
The credit facilities should be fully repaid by 15 April 2020, United Real Estate added.
The Kuwaiti real estate developer further noted that this facility aims to finance its activities, and this deal’s impact will appear in its consolidated financial statements of the first quarter of 2019.
