Arabi Holding Group Company announced that its 73% owned subsidiary, Arabi Enertech, has extended a banking facility agreement with a local bank.
In a statement issued to Boursa Kuwait today, Wednesday, the Company indicated that the value of the agreement was estimated at about KWD 13.73 million with a maturity date of 30 June 2023.
The Company highlighted that the financial impact of this development will result in the reclassification of current and non-current liabilities.
Arabi Holding reported a KWD 6.72 million in 9M2022, compared to KWD 5.69 million in losses for the corresponding period of 2021, up by18.1% due to issuing various bank guarantees.