Mubasher: Sanad Holding Co has inked a memorandum of understanding (MoU) with Gulf Investment House (GIH) to settle GIH’s debts worth KWD 34.55 million ($114.62 million).

Sanad and GIH said, in two separate statements, that they would disclose any essential developments regarding this matter.

The financial impact cannot be determined in the current time, the two companies added.