Mubasher: Livestock Transport and Trading Company said that the ‘Ocean Shearer’ vessel arrived in Kuwait to join the company’s naval fleet.
The vessel’s price is likely to be paid over the week to Ocean Shearer, a Singapore-based company owned by livestock export company Wellard Ships, according to a bourse statement on Monday.
The remaining sum of $47.7 million (KWD 14.77 million) will be paid through overdraft until the procedures related to a long-term bank loan are finalised.
The Kuwaiti firm further referred that the transaction will generate higher assets and liabilities by the same value shown in the company’s balance sheet, in addition to an interest rate of 0.95% above the discount rate announced by the Central Bank of Kuwait (CBK) on the overdraft value shown in the income statement.
It is worth highlighting that in the fiscal year ended on 31 December 2019, the Boursa Kuwait-listed firm turned profitable at KWD 1.2 million ($3.85 million), against a loss of KWD 3.5 million ($11.64 million) in the previous year.
