Kuwait-based investment company International Financial Advisors Holding (IFA) has transferred its non-listed foreign asset, Octal Ltd, to a foreign bank against due debt.
In a statement to Dubai Financial Market (DFM), the company said the transfer of Octal Ltd, valued at KD 2.89 million ($9.44 million) had been made as payment in kind against debt to the bank, which was not named.
“The company is currently negotiating the restructuring of the remaining debt balance and accordingly the financial impact will be reflected in the current year 2020,” the statement said.
IFA last filed financial reports to DFM for the end of 2019, showing a loss of KD 18.39 million ($60 million), with liabilities exceeding assets by KD 52.87 million ($172.75 million).
Kuwait Holding Company and Masader Al Ofoq General Trading both resigned their IFA board memberships at the end of September.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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