NREC shareholders approve conversion of loan from Agility Investment into shares

National Real Estate Company approved the conversion of loan taken from Agility Investment Holding into shares

  
NREC shareholders approve conversion of loan from Agility Investment into shares
  • Capital increases to KD 136,142,510.200
  • Agility Investment now holds 20.04% in NREC

Kuwait: During the Company’s Extraordinary General Meeting, shareholders of the National Real Estate Company (NREC) today approved the conversion of the KD 31 million loan taken from Agility Investment Holding Limited Company into 272.8 million shares in the Company's share capital at the nominal value of 100 fils per share and share premium.

Following the conversion of debt to equity, NREC’s capital increases to KD 136,142,510.200 with Agility Investment owning a 20.04% share. Agility Investment Holding is a subsidiary of Agility Public Warehousing Company K.S.C.P.

NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: “The convertible loan was taken by NREC to strengthen its liquidity, support the development of projects that were in their early stages as well as invest in growth opportunities. We are glad to have had the opportunity to work closely with a leading group such as Agility to support our strategy for growth.”

The convertible loan was signed in February 2017 for a total value of KD 31 million.

Established in 1973 and listed on Boursa Kuwait, National Real Estate Company (NREC) is a real estate investment, development and property manager based in the Middle East and North Africa, developing assets exceeding USD2 billion. The Company’s portfolio comprises a mix of retail, commercial and residential properties in the region. In addition to its core real estate business, NREC is the largest shareholder with a 22.3% share in Agility Logistics Company, one of the top ten logistics companies in the world.

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For more information, please contact:
Leslie Mouawad
M: +965 6654684
l.mouawad@nrec.com.kw 

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