Ekttitab Holding, listed on the Dubai Financial Market (DFM) and Boursa Kuwait, has inked a contract to settle the KWD 2.25 million ($7.42 million) debt balance due from Investors Group Holding Company.
To settle the debt, Ekttitab Holding will own 225 shares of Arab Company for Public Utilities Management with a capital of KWD 11.8 million, according to the company's disclosure to Boursa Kuwait on Tuesday.
Accounts receivable will decrease by KWD 2.249 million in the financial statements for the fiscal year ending on 31 December 2020.
It is noteworthy to mention that during the first nine months of 2020, Ekttitab Holding achieved net profits of about KWD 60,310, against around KWD 380,570 net losses in the same period of 2019.
Source: Mubasher
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