May 21, 2014 / 6:17 AM / in 4 years

Kuwait's Al Mazaya restructures debt into KD 12 mln Islamic facility

DUBAI, May 21 (Reuters) - Kuwait-based real estate developer Al Mazaya Holding has restructured part of its debt into a six-year 12 million dinars ($42.6 million) Islamic facility extended by a bank consortium, the company said in a bourse statement on Tuesday.

The restructuring would allow Al Mazaya to reduce its short-term loans by 39 percent, while long term financing would increase by 7 percent, the statement said, without giving precise amounts.

As of December, Mazaya had 130.9 million dinars worth of liabilities, with more than two-thirds of that amount classified as current on its balance sheet.

The firm said 60 percent of the new Islamic facility would be paid on a quarterly basis beginning after a one-year period, with the remaining 40 percent to be paid at maturity.

As a result of the restructuring, 73 percent of all company debt facilities would now be Islamic, the statement said.

Setup in 1998, the firm provides a variety of real estate management and investment services and is listed on the Kuwaiti and Dubai bourses. ($1 = 0.2818 Kuwaiti dinars) (Reporting by Ahmed Hagagy and Bernardo Vizcaino; Editing by Sami Aboudi)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below