Kuwait-based Heavy Engineering Industries and Shipbuilding Company (HEISCO) said on Wednesday it has signed an agreement with a local bank for a credit of around 57.1 million Kuwaiti dinars ($188 million).

The Company said in a disclosure statement on Kuwait’s bourse that it would use the credit to fund its project activities.

“We would like to inform you that the Company has signed a credit facilities agreement with one of the local banks to finance the Company’s activities,” it said without specifying the creditor.

The statement said the financial impact cannot be determined now, adding that the funds to be utilised will gradually reflect on the financial statements over subsequent periods from the value of the banking facilities.

(Reporting by Nadim Kawach; Editing by Anoop Menon) (anoop.menon@lseg.com) 

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