Mubasher: An associate of Inovest, Marina Durrat Bahrain Real Estate Development, signed an agreement on Monday, 3 February 2020, to fully settle its debt with a Bahrain-based local commercial bank.
The transaction has lead to incurring losses of BHD 1.7 million ($4.5 million), which will reflect on the group's financials for the first quarter (Q1) of 2020, according to a bourse statement on Tuesday.
The settlement, however, will reflect positively over the coming years where mortgage on title deeds will be removed and the sister company will not endure future financing costs. This comes in line with Inovest’s strategy to boost performance and achieve sustainable growth.
It is worth noting that Inovest is a dual-listed company on Boursa Kuwait and Bahrain Bourse (BHB).
