Mubasher: IFA Hotels and Resorts announced that its subsidiary in the UAE has been allocated a loan valued at AED 140 million ($38.1 million).

The subsidiary, which has not been named, will use this credit facility to repay part of the company’s loans and continue its projects, according to a bourse filing on Sunday.

It is noteworthy that IFA Hotels has a capital of KWD 63.54 million distributed on 635.4 million shares.

At the stock level, IFA Hotels closed Sunday’s session 5.05% lower at 92.1 fils.