On 12 November 2014, the company signs a final debt settlement agreement with Kuwait Finance House to settle the outstanding debt owed to Kuwait Finance House amounting to KD 42.9 million in exchange for cash payment and the sale of some of its financial investments and equity interests in some of its strategic investments including 1.9 billion shares of Gatehouse Bank plc (equivalent to 12.2% of the bank’s share capital) and its entire interests in New Technology Bottling Water (Abraaj Water) and Kuwait Boxes Carton Manufacturing to or to the order of Kuwait Finance House.
And on 18 November 2014, the company also signs a reconciliation agreement with Kuwait Finance House to dismiss all legal disputes between the two parties.
This settlement results in the recognition of a net gain of approximately KD 13.5 million.
