Mubasher: National Real Estate (NREC) announced that the Capital Markets Authority (CMA) has approved to settle a debt owed to Agility Investment Holding Limited, a subsidiary of Agility, by converting it to an equity in National Real Estate.

NREC will convert the debt by issuing 272.8 million shares at a par value of 100 fils each and an issue premium, this stake will be fully allocated to Agility, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), according to a bourse statement on Sunday.

Following this debt settlement transaction, the issued and paid-up capital of National Real Estate will be raised to KWD 136.14 million from KWD 108.86 million as an impact of this debt conversion.