Mubasher: KGL Car Rental Co, a subsidiary of Kuwait and Gulf Link Transport Company (KGL) has inked a credit facility agreement worth KWD 16 million ($52.6 million) with a local bank.

The deal aims to finance the subsidiary’s business activities, according to a stock exchange filing on Tuesday.

The transaction’s material impact will reflect on the unit’s financials on 31 December 2020.

It is worth highlighting that in the first nine months of 2019, the parent company generated KWD 1.291 million in net profit, a 66.32% slump from KWD 3.832 million in the same period of the preceding year.