Livestock Transport and Trade Company announced that it has signed an addendum to its KWD 14.5 million loan agreement with the Industrial Bank of Kuwait to amend the payment schedule.
According to a statement issued to Boursa Kuwait, today, Tuesday, the payment will be made in semi-annual installments, starting in 2024 and ending in 2030.
The Company highlighted that the financial impact of this announcement is an additional interest of 1% per annum over the interest amount stated in the agreement on the deferred installments only, amounting to about KWD 3.5 million.
It is worth noting that the financial statements of Livestock Transport and Trade Company reflected a decrease in its losses in 3Q2022 by 22.75%, as it stood at KWD 2.13 million, compared to KWD 2.76 million in losses reported in the corresponding period of 2021.