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Kuwait’s Unicap inks debt settlement deal with BBK

Kuwait’s Unicap inks debt settlement deal with BBK
A profit valued at KWD 1.19 million ($3.93 million) will be realised
UNICAP
UNICAP
1.11% 100.00 1.10
BBK
BBK
0.19% 0.54 0.00

Mubasher: Unicap Investment and Finance has signed an agreement with Bahrain’s BBK to settle its indebtedness that was delayed as on 31 December 2013.

The Boursa Kuwait-listed company will repay about KWD 310,700 ($1.03 million) to BBK as registered on 30 August 2018, according to a bourse disclosure on Thursday.

Following this settlement, Unicap will end any liability toward the Bahraini bank.

Unicap noted that a profit valued at KWD 1.19 million ($3.93 million) will be realised and registered in the income statements of the third quarter this year.

It is noteworthy that Unicap has a capital of KWD 23.96 million distributed on 239.6 million shares.