Mubasher: Mashaer Holding Co. on Wednesday announced that one of its subsidiaries had received a KWD 4 million ($13.14 million) credit facility from a GCC bank operating in Kuwait.
The loan will be used to pay a KWD 3 million debt to a local lender, Mashaer said in a bourse statement.
The remainder of the loan will be invested in the subsidiary’s real estate business, the Boursa Kuwait-listed company added.
Mashaer noted that the impact of the transaction would be reflected in the company’s financial statements for the third quarter of the fiscal year 2019.
Mashaer Holding reported a 443.4% year-on-year surge in profits during the first quarter of 2019, registering KWD 238,420 ($786,480).
