Al-Argan International Real Estate Company announced that one of its subsidiaries has signed a banking facility contract with a local bank in Kuwait, worth 43.87 million dinars ($146.2 million).
In a statement to the Kuwait Stock Exchange, today, Thursday, Al-Argan said that the company that signed the contract is 75% owned by the group.
The facility will be used to finance the development costs of a business.
The loan will be repaid in quarterly installments starting from February 2025 until May 2040.
Al-Arjan stated that the contract will have its impact on the company's consolidated financial statements according to the amounts used during the project financing period.
The company's losses fell 80% in the first half of this year; To reach 1.15 million dinars, compared to losses of about 5.76 million dinars for the same period in 2020.
