Mubasher: Sultan Center Food has submitted a request to the Capital Markets Authority (CMA) to renew the suspension resolution of trading its stock on Boursa Kuwait for 45 days until the company completes the process of signing agreements and main contracts with different banks and entities.
The Kuwaiti company announced key developments regarding its restructuring plan, which includes three main pivots, according to a bourse filing issued on Sunday.
Sultan Center will restructure its business and improve the company’s commercial relations with suppliers; in the past six months, Sultan Center has paid a fair amount of its dues to suppliers and signed new agreements with them.
The second main pivot is exiting assets and non-major investments, including an offer received to purchase Sultan Center’s share in an associate in the oil and gas industry as well as selling the company’s investments in Riviera Holding Company.
Sultan Center plans to restructure the banking liabilities due to the company, the statement noted.
Commenting on Al Harthi’s lawsuit in Oman, Sultan Center noted that a final ruling is expected to be issued in October; if the ruling is final, Sultan Center will have to repay OMR 5.4 million ($14 million) as usufruct rights and compensation to the owner.
