Cairo – Mubasher: Maridive and Oil Services announced that its board of directors had approved entering into a structural agreement worth $196 million to finance the existing credit facilities with several local banks under the management of Abu Dhabi Islamic Bank (ADIB) - UAE.

The loan repayment period has been extended to 2026 from 2023, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Interest rate has been kept at 4.5% as well as the three-month LIBOR rate, the statement added.

The deal also includes increasing quarterly payments starting from September, along with paying 20% of the original loan amount in a single payment at the end of 2026.

For the full-year 2018, Maridive reported a 40% year-on-year drop in net consolidated profit, logging $14.002 million, compared to $23.49 million.

Revenues retreated to $208.17 million during the 12-month period ended 31 December 2018 from $238.8 million in the same period of 2017.

As for standalone business, the company’s profits reached $2.15 million last year, compared to $5.7 million in 2017.