Sokouk Holding Company has completed a major debt settlement worth KD 33.9 million (USD 118.8 million), Chairman and Chief Executive Officer Feras Fahad Ahmed Al Bahar said on Saturday.
Al Bahar appreciated the efforts of AREF Investment Group, the main holder, and the Kuwait Finance House (KFH), the creditor, in the debt settlement process over the last couple of years.
Sokouk Holding Company has consequently managed to achieve gains worth KD 12.4 million (USD 43.4 million), 24 fils per share, thus positively affecting the company's financial structure, he said.
It will also indirectly benefit from positive results and profits made by Monshaat company thanks to the Sokouk Holding Company's ownership of a 27-7 percent strategic share, thus bringing total profits of the debt settlement deal to KD five million (USD 17.5 million), he added.
He ascribed this achievement to the fact that Monshaat has succeeded in the settlement of 80 percent of its debts or KD 91.5 million in a final settlement process rather than debt rescheduling.