Kuwait’s Heavy Engineering Industries and Shipbuilding Company (Heisco) has borrowed around 32 million Kuwaiti dinars ($105 million) to fund its projects.

The company, one of the largest listed firms in Kuwait, said in a bourse disclosure statement on Thursday that it has signed the credit facility with a local bank.

The decision to sign a credit agreement with one of the local banks is intended to finance the company’s activities, the statement said.

“The financial impact cannot be determined now and the amounts to be utilised will gradually reflect on the financial statements over subsequent periods from the value of the banking facilities,” it added.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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