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Ream Real Estate to reschedule KWD 6m debt with Warba Bank

Ream Real Estate to reschedule KWD 6m debt with Warba Bank
The debt covered an investment in Kuwait
WARBABANK
WARBABANK
-0.36% 273.00 -1.00
REAM
REAM
0.00% 90.00 0.00

Mubasher: Ream Real Estate Company announced that it will reschedule its existing debt with Warba Bank at a value of KWD 5.95 million.

The debt covers one of the company’s investments in Kuwait, according to a bourse statement on Thursday.   

The transaction’s material impact will reflect on the company’s interim financial statements for the first quarter (Q1) of 2020.

It is worth noting that during the period from January to September last year, the real estate firm incurred losses of KWD 1.84 million, versus profits worth nearly  KWD 308,058 during the same period a year earlier.