CBK settles debt with Al Massaleh for KWD 49m guarantee

CBK settles debt with Al Massaleh for KWD 49m guarantee
A provision has been already created for this amount of money
Al Massaleh
MASSALEH
0.80% 38.00 0.30
CBK
CBK
-2.06% 475.00 -10.00

Mubasher: The Commercial Bank of Kuwait (CBK) has signed an agreement to settle an indebtedness and legal cases with Al Massaleh Real Estate over credit facilities provided by the CBK and have already reached maturity date.

The settlement agreement was signed in return for a mortgage guarantee valued at a total of KWD 49.5 million, according to a bourse statement on Wednesday.

A provision has been already created for this amount of money, the CBK said.

It added that this settlement will result in a profit of KWD 49.5 million that will be registered in the income statements of the fourth quarter ending on 31 December 2018.