Mubasher: Senergy Holding Co announced that a 91.053%-owned subsidiary has signed an agreement with the UAE company Grandweld to repay AED 19 million ($5.2 million), according to a statement disclosed on Monday.

This repayment agreement followed the final cassation ruling which was ordered in favour of Senergy’s subsidiary against the UAE firm.

On 26 November, the UAE court has ordered Grandweld to pay AED 16.243 million ($4.42 million) to Senergy’s subsidiary.

An amount of AED 5 million ($1.4 million) was paid when the agreement was signed, while the remaining sum will be repaid in seven instalments starting on 31 January 2018 until 31 July 2018.

Senergy clarified that a profit worth KWD 950,000 ($3.2 million) will be realised following the repayment deal; this impact will be registered in the Kuwaiti firm’s income statements on 31 December 2017.