Al Mazaya HoldingBOD had convened on Tuesday March 30, 2021 at 1:00 pm and approved to sign a facility agreement with a Kuwaiti bank amounting to KD 24,488,732 (twenty-four million and four hundred eighty-eight thousand and seven hundred and thirty-two Kuwaiti Dinars) to reprofile the original outstanding facility of KD 22,700,000 in addition to the due finance cost towards the bank for a period of 6 years, The first payment is due upon signing the final contract, followed by equal payments for a period of five years, and a final payment is due at the end of the contract term on 31/01/2027.
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Material information
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There will be no impact on the Company’s financial position, nevertheless, this agreement will improve the Company’s liquidity during its tenor by converting most of the outstanding debt from short term to long term, it is expected that this agreement will be recorded in the company's financial statements upon signing the final agreement at the relevant government entities, and it is expected to take place during the second quarter of 2021
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Effect of the material information on the company financial position
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