Kuwaiti investment firm Al Ahlia Holding Co is seeking loans of up to KD45m ($157m) to refinance debt and expects a 2008 loss as it books provisions to weather the downturn, its chairman has said.
Abdullah Al Awady said the company had cancelled deals for local real estate projects worth KD230m ($781m) in the fourth quarter of 2008 to prevent further losses amid a global credit crunch hitting the oil exporter.
"Part of that ... was assuming debts up to 130 million dinars ... things have escalated and we chose to cancel the (whole) transactions," he said.
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