Mubasher: Abyaar Real Estate Development is currently in negotiations with a local bank to reach a settlement for its indebtedness, according to a bourse disclosure on Thursday.

The Kuwaiti company is in talks to settle KWD 20.4 million liabilities as part of original debt registered on 31 December 2018.

Abyaar noted that the debt settlement will be executed through an in kind repayment.

The financial impact of this settlement cannot be determined in the current time, as it is linked to the assets evaluation; however, Abyaar expects realising losses that will be registered in the income statements of fiscal year 2019.

At the stock level, Abyaar closed Thursday’s session at 17.1 fils.