A subsidiary of Kuwait’s Heavy Engineering Industries and Ship Building Company (HEISCO) has signed a 41 million Kuwaiti dinars ($137 million) credit facility to fund its activities in the country, the parent firm said on Thursday.

Gulf Dredging & Genera! Contracting Company signed the credit facilities with one of Kuwait’s banks, Boursa Kuwait-listed HEISCO said in a disclosure statement.

The financial impact cannot be determined now, and the amounts to be utilised will gradually reflect on the financial statements over subsequent periods, the statement said.

On Monday, Zawya had reported that HEISCO renewed a credit facility arrangement with a local bank for up to KWD86.5 million ($281 million).

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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