Mubasher: Aayan Leasing and Investment announced that one of its associates, in which Aayan owns equity of 17.9%, signed a memorandum of understanding (MoU) with a local bank in Kuwait to settle financial liabilities.

The Boursa Kuwait-listed company noted that the debt is credit facilities valued at KWD 20.4 million, according to a bourse statement on Tuesday.

Aayan added that this debt amount includes the original debt value in addition to profits until 31 December 2019.

Settling this indebtedness will be in kind as the associate will transfer KWD 19.4 million worth assets to the bank.

Aayan Leasing noted that this debt settlement will not have essential impact on the company’s financials until the debt is fully repaid and assets are evaluated.