Mubasher: United Real Estate announced that its subsidiary, United Building Co, has signed a contract with Boubyan Bank to renew and raise its credit facilities.

The total value of this contract amounts to KWD 30.907 million which will be allocated for financing United Building’s projects, according to a disclosure to Boursa Kuwait on Monday.

The subsidiary has renewed a financing contract worth KWD 19.955 million until 1 August 2020, while it added new financing standing at KWD 10.952 million that will be valid until 31 December 2022.

United Real Estate clarified that the financial impact of the contract as well as the new addition will reflect on the company’s consolidated income statements starting the third quarter of 2019.

It is worth noting that during the second quarter of 2019, United Real Estate achieved profits of KWD 1.63 million when compared to losses of KWD 2.46 million in the corresponding period a year earlier.