Kuwait's Alargan completes key bond repurchase

Kuwait-based Alargan International Real Estate Company has today completed the repurchase of its bonds after its coming to maturity. The bond, which was issued in April 2012, was upgraded to BBB rating in November 2016. The company repurchased a total of KD17.4 million ($57.4 million) in bonds. Khaled Al Meshaan, CEO and vice chairman of the board of directors of Alargan International Real Estate Company, said: "The company has today a healthy funding structure with minimal reliance on short-term borrowing and more liquidity, enabling it to continue growing in real estate development operations in our present markets and new ones." "The company’s ongoing changes to its business model have contributed to lower the overall risk generated from the sector in which it operates through the proportion of revenues coming from recurring rental income steadily increasing over time," stated Al Meshaan. A leading real estate company, Alargan is focused on the development of affordable and middle income housing in the GCC. It is also the only company in Kuwait to obtain the Platinum ranking for the Leadership in Energy & Environmental Design (Leed) program, which is awarded by the US Green Building Council (USGBC)