Kuwait-Mubasher: KGL Transportation Company, a subsidiary of Kuwait and Gulf Link Transport (KGL), has signed an agreement to settle a debt with a local bank, a bourse statement said on Monday.

A profit worth KWD 2.3 million ($7.6 million) will result from the settlement deal, and will be registered in the financial statements of FY2015.

Earlier this month, Kuwait and Gulf Link Transport closed a five-year finance deal with a Gulf bank for $35 million which is said to boost the company’s operations.