Mubasher: Qurain Petrochemical Industries has reached an agreement with a local bank to restructure part of its debts, the company disclosed it a bourse filing on Wednesday.

Qurain Petrochemical will restructure $50 million debts, while negotiations are still ongoing regarding the remaining part of its debtedness.

On 24 December 2017, the Boursa Kuwait-listed company reached an agreement with two local banks to restructure part of its debts at a value of $120 million.

At the stock level, Qurain Petrochemical closed Wednesday’s session 0.59% lower at 339 fils.