Thursday, Oct 11, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Injazzat Real Estate Development Co. (INJAZZAT.KW) Thursday said it has realized a profit of 6.16 million Kuwaiti dinars ($21.9 million) for relinquishing a usufruct right on one of its local plots of land.
The property developer said that the profit will be included in its fourth-quarter results and that the right to the usufruct was surrendered to a local bank against the payment of KWD17.82 million.
Injazzat said in a statement posted on the Kuwait bourse website that it has also signed a contract with another local lender to reschedule part of a debt totaling KWD32 million for six years plus a grace period of 16 months. The company has also repaid a debt owed to another local bank and amounting to KWD6.95 million, according to the statement.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
11-10-12 1121GMT
