Aseco Group Approaches Completion of Debt Restructuring Plan with Creditor Banks

Asyad Group announced the completion of a debt restructuring and financing obligations agreement with two local creditor banks, thereby raising the percentage of completed settlements to approximately 80% of the total settlements with the Group’s creditor banks. This step reflects the continuous progress in implementing the financial restructuring program approved by the Board of Directors and confirms that the Group is nearing the completion of the final stages of this strategic program, thereby strengthening its financial position and laying a solid foundation for future growth.

The settlement and restructuring of debt amounting to approximately 56.15 million Kuwaiti dinars is expected to significantly enhance the Company’s financial position. The transaction is also anticipated to have positive impacts of approximately 23.52 million dinars in the profit and loss account, alongside a reduction in total liabilities on the balance sheet by approximately 32.67 million dinars. The remaining balance of 23.48 million dinars will be rescheduled according to a repayment mechanism starting in 2026 and ending in 2031, in line with the approved final terms.

This achievement crowns the intensive efforts led by the Chairman and Board members, in collaboration with the executive management and working teams, which successfully completed the Group’s operational restructuring program. The Group is now nearing the completion of its financial restructuring through constructive cooperation with local banks.

In this regard, Asyad Group extends its sincere gratitude and appreciation to the local banks for their firm confidence in the Group, and for the support and cooperation they provided, which played a pivotal role in the success of this important phase.

This progress underscores the Group’s commitment to a disciplined and responsible approach, and a clear vision aimed at strengthening its financial resilience, supporting the sustainability and growth of its operations, and protecting the interests of shareholders, creditors, customers, employees, and all stakeholders.

Commenting on this occasion, Emad Al-Eissa, Chairman of the Board of Directors of Asyad Group, stated: “The completion of these agreements with two local banks represents a pivotal step in the Group’s financial restructuring journey, as we have successfully settled approximately 80% of our creditor banks. This confirms the effectiveness of the strategy adopted by the Board of Directors since the launch of the program.

“We have been committed from the outset to adopting a balanced approach that safeguards the rights of all parties and supports the sustainability of the Group’s operations. Today, we are nearing the completion of this path and transitioning Asyad Group into a phase focused on efficiency, profitability, and maximizing value for shareholders and all stakeholders.

“We highly value the trust and support of our banking partners, which played a fundamental role in achieving this progress. Asyad Group looks confidently toward the future, amid the rapid developmental renaissance in the State of Kuwait and its future plans, which are rich in major housing, urban, and infrastructure projects. The Group possesses extensive expertise, integrated operational capabilities, and a firmly established position in the building materials and construction industry, making it well-equipped to play an active role in supporting these projects and contributing to the achievement of Kuwait Vision 2035 targets.

“Asyad Group will continue to develop its capabilities and expand its range of products and services, enhancing its competitiveness in local and regional markets, supporting its sustainable growth trajectory, and opening new horizons for growth and expansion in the coming period.”