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Al-Argan Real Estate signs banking facilities contract for KD 66.5 mln

KUWAIT, Aug 20 (KUNA) -- Kuwait's Al-Argan International Real Estate Company announced signing a contract on banking facilities with a local bank, with a total of KD 66.5 million (about USD 226 million.) The contract aims to organize the company's financial structure and turn its short and medium term commitments to long term commitments to improve the company's solvency, Al-Argan said in a statement published on Boursa Kuwait's website on Tuesday.
The first part of the contract is worth KD 53.9 million and is dedicated to pay for the company's commitments to local banks. The second is worth KD 11.04 million and is aimed at developing the company's projects, it added.
Al-Argan was established in 2002 and was enlisted in Boursa Kuwait in 2007 with a capital of KD 26.5 million.
The company specializes in buying, selling and developing real estate in Kuwait and abroad. It also runs other owners' properties and provides real estate consultations. (end) mka.ha.ag