Mubasher: Alargan International Real Estate has fully withdrawn the second installment of the banking facilities’ contract for financing investment opportunities.

This installment is worth KWD 11 million as part of a contract signed with a local bank in order to restructure the company’s loans to become on a long term, according to a bourse filing issued on Sunday.

The loan’s duration has been amended to ten years instead of seven, Alargan said, noting that this credit facility will be repaid as biannual installments from January 2018 until January 2027.

The financial impact from amending the loans to be on a long term as well as raising the financing costs of the second installments will be registered in the income statements starting from the period ending on 30 September 2017 until the repayment of the loan is fully completed.