Wednesday, Jun 13, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's National Ranges Co. (MAYADEEN.KW) has settled all legal disputes with the Commercial Bank of Kuwait (CBK.KW) regarding a debt of 22.16 million Kuwaiti dinars ($79 million) it owes to the lender, Kuwait-based An Nahar daily reports Wednesday citing an executive.
Mayadeen will coordinate with CBK over details on repayment of the debt and the time required for that, the paper said quoting Fawaz Al Qattan, member of the board of Mayadeen which is a property developer and shooting ranges operator.
The company is looking to find buyers for its joint project with Sorouh Real Estate in the Shams Abu Dhabi development, and to obtain financing from banks in order to secure liquidity to go ahead with its current projects, Qattan said according to the daily.
Newspaper website: http://www.annaharkw.com/annahar/Article.aspx?id=335451&date=13062012
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
13-06-12 0521GMT
