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NREC finalizes conversion of loan from Agility Investment Holding Limited into shares in capital

19 - December - 2018

The National Real Estate Company (NREC) today announced the finalization of the conversion of the loan taken from Agility Investment Holding Limited into equity in the share capital of NREC. The KWD 31,000,000 loan has been converted into equity by issuing 272,800,000 shares in the company at 100 fils nominal value and share premium following shareholders' approval at the Company's Extraordinary General Meeting held on November 8, 2018. 

With the conversion of the loan, NREC's issued and paid up share capital increases from KWD 108,862,510.200 to KWD 136,142,510.200 in addition to a share premium of KWD 5,266,764, while the Company's debt is reduced by KWD 31 million. 

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