BUSINESS

Kuwait's Alargan Secures Bank Facilities; Buys Back Bonds Worth KWD10M

Kuwait's Alargan International Real Estate Co. said that it has secured the approval of a local lender to grant it bank facilities worth 5 million Kuwaiti dinars ($17.9 million) and that it's in advanced talks with the same bank to get additional facilities of KWD6.7 million.

Zawya Dow Jones News

May 17, 2012

Thursday, May 17, 2012

BEIRUT (Zawya Dow Jones)--Kuwait's Alargan International Real Estate Co. (ARGAN.KW) said Thursday that it has secured the approval of a local lender to grant it bank facilities worth 5 million Kuwaiti dinars ($17.9 million) and that it's in advanced talks with the same bank to get additional facilities of KWD6.7 million.

In related news, the property developer said in a statement posted on the Kuwait bourse website that it has bought back 2,000 bonds at their combined nominal value at the issue date amounting to KWD10 million plus their due interest. Alargan added that the bond buyback transaction will be reflected in its first-half financial statements.

In April, the company said it had issued bonds worth KWD26.5 million in two tranches.

By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com

(END) Dow Jones Newswires

17-05-12 1056GMT