(MENAFN - Kuwait News Agency (KUNA)) Abyaar Real Estate Development Co. has just signed a settlement contract with a bank in the Gulf area toward repaying its debt obligation of approximately KD 2.8 million, a statement by the company issued on the web site of the Kuwait Stock Exchange said on Tuesday.
Abyaar will have to pay back about KD 154,000 at the time of the signing of the contract and the remainder of KD 2.6 million in half-yearly installments over four years, the first of which to be due one year from the day of the signing of the settlement contract, said the statement.
The settlement will be reflected in the balance sheets of the company for the 4th quarter of this year.
Abyaar Real Estate Development is a major real estate developer operating across the Middle East region, providing high quality real estate properties renowned for their modern designs and selected prime locations, according to the company's web site.
Originally established in 2002 as a limited liability company, Abyaar's legal status was changed in 2005 into a shareholding company with a capital of KD 35 million, pursuant to a strategic partnership between Kuwait's Aayan Leasing and Investment Company and Al Rashdan Group. The list of major shareholders in Abyaar includes other prominent names in the world of real estate and investment, such as Muthanna Investment Company and Wafra International Investment Company, said the web site. Abyaar develops residential, commercial, retail and hospitality projects, using accomplished external and interior architects to create boutique quality products, said the company web site.
Listed on the Kuwait Stock Exchange in 2007, the Company's capital was raised from KD 48 million to KD 53 million in 2008, and then to KD 106 million in 2009.