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Al-Rashdan told Reuters:
"If we reach a final agreement on this loan we would approximately have rescheduled 90% of (Abyaar's) short-term finance."
The deal will extend short-term debt for a maximum of two years, he said, adding it would be finalised within a 30-days deadline.
Last week Abyaar said it was in talks with local banks to reschedule debt and receive new loans worth KD40m.
In January, Abyaar secured a KD14m loan from Bank of Kuwait and Middle East to pay off financial obligations and finance projects.
Al-Rashdan said in the future the firm plans to reschedule its loans via long-term refinancing, through banks rather than investment firms.
"Our aim within the next six months is for Abyaar to start its finance with banks to refinance and develop projects," he said.
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Posted by Siba Sami Ammari
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