The Kuwaiti company, KFIC, has been successful in extending its outstanding...

The Kuwaiti company, KFIC, has been successful in extending its outstanding...
The Kuwaiti company, KFIC, has been successful in extending its outstanding...
The Kuwaiti Kuwaiti Finance and Investment Company, known as KFIC, announced that 6 banks – whose names have not been mentioned – have agreed to extend the maturity date for the company’s loans worth 7.6 million Kuwaiti dinars ($ 24.7 million), according to the company’s statement published on the Kuwaiti Stock Exchange website today.

The most prominent details

(According to today’s statement)

Under the agreement, the planned quarterly payments on the total debts of the company were reduced from 700,000 dinars (2.3 million dollars) to 235,000 dinars (765.2 thousand dollars) for a period of 5 years.

The interest rate was also reduced from 3% to 2% during the year 2021 and 2.5% during the years 2022 and 2023.

763,000 dinars ($ 2.5 million) will be paid on October 1, which represents about 10% of the debt balance.

A quick background on the company

The Kuwait Finance and Investment Company was established in 2000 and listed on the stock exchange in 2003 and works in financing the purchase of cars and household equipment, as well as granting real estate and industrial loans, according to its data published on the stock exchange website.

(Prepared by: Muhammad Al-Hayek. Muhammad previously worked in several institutions, including the Kuwaiti newspaper Al-Rai and the Lebanese satellite channel, Future News)

(Editing by Yasmine Saleh, for contact: [email protected])

Zawya Arabi covers economic news and analysis on the Middle East and the Arabian Gulf, and uses simple Arabic.

© ZAWYA 2020

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