Mubasher: United Real Estate has signed a renewal and modification of credit facilities agreement with Burgan Bank at a total value of KWD 51.5 million ($170.4 million).

The credit facilities should be repaid on 15 November 2019 to finance United Real Estate’s business, the company said in a bourse statement on Tuesday.

The credit facilities by Burgan Bank will be distributed as KWD 5 million overdraft, KWD 40 million revolving loan, and KWD 6.5 million as letters of guarantee, United Real Estate added.

The modifications of the credit facilities will be realised in the consolidated income statements starting from the third quarter of 2018.