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Agility raises credit facility with local, international banks to KWD 240m

Agility raises credit facility with local, international banks to KWD 240m
Part of the facility has a 3-year term
AGLTY
AGLTY
-1.93% 659.00 -13.00

Mubasher: Agility Public Warehousing has inked a credit facility agreement with local, regional, and international banks to refinance and increase its credit facility line to KWD 240 million ($800 million) from around KWD 219 million ($725 million).

Part of the facility has a 3-year term and the other with a 5-year term, according to the company's disclosure to Boursa Kuwait and the Dubai Financial Market (DFM) on Thursday.

In addition, Agility seeks to refinance its other existing bilateral facilities and raise its available credit lines to around KWD 360 million - KWD 423 million ($1.2 billion - $1.4 billion).

Through these facilities, the company aims to support its growth plans.

It is noteworthy to mention that during the first nine months of 2020, the company's net profits dipped by 50.4% to KWD 31.52 million from KWD 63.57 million in the same period of 2019.