ASICO agrees to 56.1 million KD debt settlement with two creditor banks
ASICO agreed to a debt settlement worth 56.15 million KD with two creditor banks, reducing liabilities by approximately 32.67 million KD.
Translated by Qiyas from الجريدة — Original source
Asico Industries announced that its board of directors approved the signing of a settlement and debt restructuring agreement with two creditor banks, as part of the implementation of the approved restructuring plan, which includes reorganizing existing debt valued at 56.15 million dinars.
In a disclosure to the Kuwait Stock Exchange, the company stated that the agreement involves making an agreed-upon cash payment and recording the accounting effect resulting from the discount associated with the settlement, bringing the total remaining debt balance to 23.48 million dinars, to be repaid by the end of 2031.
Asico clarified that the board has delegated the executive management to take the necessary steps and sign the required contracts and documents to finalize and implement the agreement, anticipating that the settlement will reduce its total balance sheet liabilities by approximately 32.67 million dinars, with the resulting financial impact reflected in the results for the third quarter of 2026.
