Agility Global PLC would like to announce that one of its subsidiaries, will give a short-term facility for $400m to Al Farwaniya Property Developments LLC (“Farwaniya”), the company that owns and is developing Reem Mall.
This is a short-term loan as Al Farwaniya Property Developments LLC is in the process of finalising a new facility with third party lenders.
Since Agility Global fully guarantees Al Farwaniya existing facility, which is being repaid, this guarantee will fall away upon repayment of the existing facility, thus the short-term loan will have no material impact on Agility Global’s obligations, however, the amount will be reflected as a loan to a related party in the company’s financials.
Best Regards,
Investor Relations Team