Kuwait – Mubasher: Gulf Petroleum Investment (PetroGulf) has signed an agreement to reschedule its debts with the Commercial International Bank – Egypt (CIB) at a value of $25.22 million.

The agreement includes repaying debts in a five-year period through feasible instalments, starting from November 2017 until October 2022, according to a bourse statement issued on Monday.

Rescheduling the Kuwaiti company’s debts will result in lower short-term liabilities by 94% to $1.4 million from $25.22 million, PetroGulf said, noting that this impact will not affect the stock’s profitability.

At the stock level, PetroGulf closed Monday’s session 1.6% lower at 37 fils.