Mubasher: United Real Estate said that its subsidiary, United Building Co, has penned a credit facilities agreement with a local bank at a value of KWD 42.97 million in cash and noncash.
The credit facilities will be used to finance the subsidiary’s projects, according to a statement to the Kuwait bourse on Wednesday.
In addition, the loan will expire on 30 September 2020 and shall be renewed based on executing these projects.
The transaction’s material impact will reflect on United Real Estate’s consolidated financials for the first quarter (Q1) of 2020.
