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KMEFIC, Al Madina ink final debt settlement

KMEFIC, Al Madina ink final debt settlement
Photo Credit: Arabianeye-Reuters
KMEFIC
KMEFIC
0.71% 99.70 0.70
ALMADINA
ALMADINA
-0.61% 16.20 -0.10

Kuwait and Middle East Financial Investment Company (KMEFIC) announced on Wednesday that it signed the last settlement contract to clear its debt due to Al Madina for Finance and Investment, which is listed on the Kuwaiti and Dubai bourses.

This settlement is expected to generate profit worth KWD 2.65 million ($8.8 million) which will reflect on the company’s financials in the third quarter of 2015, according to a bourse statement.

KMEFIC noted that the agreement will take effect in 30 days.