Kuwait - International Financial Advisors (IFA) has reached an agreement with a foreign bank, under which a related company has replaced the bank in the company's debt worth KWD 20.06 million ($65.5 million).

The company has agreed with the new creditor on a fixed annual interest of 1.5% for the debt, according to the company's disclosure to Boursa Kuwait and the Dubai Financial Market (DFM) on Thursday.

In addition, the company will reschedule the debt payment over a period of five years on a quarterly basis.

The agreement will have a financial impact of KWD 10.224 million net profits, alongside postponing the debt maturity for a five-year period.

It is noteworthy to mention that in the first nine months of 2020, the company has achieved net profits of KWD 780,196, against KWD 4.21 million net losses in the same period of 2019.

 

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