6 days ago
Kuwait-listed Heisco borrows $66mln for new projects
Kuwait's heavy engineering industries and shipbuilding company (Heisco) has borrowed 20 million Kuwaiti dinars ($66 million) to fund fresh projects.
Heisco said in a bourse statement on Tuesday that the new loan was an extension of a credit agreement it had signed with a Kuwait bank.
'Our company has renewed the credit facilities agreement with one of the local banks for a limit of KWD 20 million to finance the company's activities,' Heisco said.
'The financial impact cannot be determined now and the amounts to be utilised will gradually reflect on the financial statements over subsequent periods from the value of the banking facilities,' it added.
In June, Heisco announced that has signed credit facilities agreement for KWD57 million ($188 million) to fund expansion plans.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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