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Metal and Recycling OGM approves KWD 10m loan from Agility

Metal and Recycling OGM approves KWD 10m loan from Agility
The loan will finance current and future projects for Metal and Recycling
MRC
MRC
5.08% 45.50 2.20
AGLTY
AGLTY
-1.08% 641.00 -7.00

Mubasher: The ordinary general meeting (OGM) of Metal and Recycling Company approved a convertible loan facility agreement at a maximum amount of KWD 10 million with Agility International Investment, a fully-owned subsidiary of Agility Public Warehousing.

The loan will finance current and future projects for the company, according to a disclosure to Boursa Kuwait on Thursday.

Meanwhile, the shareholders agreed on the board's proposal not to distribute cash dividends for 2019.

It is noteworthy to mention that in 2019, the company's net losses increased by 67.9% to KWD 2.12 million, up from KWD 1.26 million in 2018.