The hospitality arm of Dubai-listed International Financial Advisors (IFA) Holding Company is set to increase its capital to settle more than KWD 17.3 million ($56.5 million) in debts.

The hotel and resort unit’s parent company, IFA Holding, confirmed on Wednesday that it has given preliminary approval to an offer to settle the borrowings through a capital increase.

The capital hike proposal received the approval from IFA Holding’s board of directors on June 11. The settlement is conditional upon the hotel firm completing the required procedures.

Listed on the Kuwait Stock Exchange, IFA Hotels’ core business is focused on the development, management and marketing of hotels and resorts.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com