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NREC nods to KWD 31m loan conversion from Agility

NREC nods to KWD 31m loan conversion from Agility
Agility Investment Holding is a subsidiary of Agility Public Warehousing Company
NRE
NRE
21.25% 97.00 17.00
Agility
AGLTY
7.42% 666.00 46.00

Mubasher: National Real Estate Company (NREC) approved the conversion of the KWD 31 million loan pledged from Agility Investment Holding into 272.8 million shares in the NREC's share capital at the nominal value of 100 fils per share and share premium.

Following the conversion of the debt to equity, NREC’s capital will increase to nearly KWD 136.15 million with Agility Investment owning a 20.04% share, according to a statement on Thursday.

Agility Investment Holding is a subsidiary of Agility Public Warehousing Company, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM).

It is noteworthy that the convertible loan was signed in February 2017 at a total value of KWD 31 million.

“The convertible loan was taken by NREC to strengthen its liquidity, support the development of projects that were in their early stages as well as invest in growth opportunities. We are glad to have had the opportunity to work closely with a leading group such as Agility to support our strategy for growth,” the deputy chairman and CEO of NREC Faisal Jamil Sultan Al Essa said.