The Board of Directors of Al-Massaleh Real Estate Company approved to convert its KWD 6.7 million loan owed to Al-Corniche Club Company into shares in the company by increasing its capital.
According to a statement issued to Boursa Kuwait, yesterday Wednesday; currently, there is no impact on Al-Massaleh’s financial position. However, after obtaining approvals and starting the debt conversion, the company will be free of debt and its capital will be increased Al-Massleh Real Estate Company’s capital stands at KWD 23.565 million distributed over 235.654 million shares, at a nominal value of 100 fils per share.
In mid-May, the Board of Directors of passed a resolution to borrow from Al-Corniche Club Company, and to exit its investments in Malta by transferring shares in Gemxija Crown Limited Company.
Al-Massaleh Company’s losses increased by 63% to reach KWD 2.715, compared to losses of KWD 1.663 million in 2020.