Mubasher: The Capital Markets Authority (CMA) has approved United Real Estate’s prospectus to issue bonds at a total value of KWD 60 million ($200 million) or KWD 50,000 per bond.

The bonds will be issued in two tiers, fixed and floating, with a maturity period not exceeding five years from the issuance date, according to a bourse statement on Tuesday.

United Real Estate said that the CMA granted its approval on Sunday, 1 April.

The Boursa Kuwait-listed company noted that no financial impact is currently expected on the financial position.

In March, United Real Estate said that the return from these bonds will be used in repaying the existing debt and financing the company’s business.

United Real Estate has appointed KAMCO Investment as a lead manager to issue, sell, and promote for the bonds.