ALARGAN completes bond repurchase
Issued in April 2012, ALARGAN International Real Estate Company has today completed the repurchase of its bond after coming to maturity, repurchasing KD17.4 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.”
ALARGAN International Real Estate Company is a leading real estate company based in Kuwait and focused on the development of affordable and middle income housing in the GCC. The company strives to integrate its motto, ‘Life... As You Love It’, across its projects by creating “live, work, play and savor” environments that present a unique lifestyle experience. The company also endeavors to pass on its sustainability values to the community by including green and energy efficient initiatives in its projects. ALARGAN is 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). ALARGAN follows a balanced investment strategy, and tries to seize opportunities with stable and superior returns based on the market’s investment cycle. Its projects are diverse and located across the Gulf region, including the State of Kuwait, the Kingdom of Saudi Arabia, the Kingdom of Bahrain and the Sultanate of Oman, delivering popular hotels resorts, widely visited shopping and food destinations, large development communities, and middle income level residential housing.