Mubasher: International Financial Advisors (IFA) has transferred a foreign non-listed asset, Octal, valued at KWD 2.89 million ($9.5 million) to a foreign bank against a portion of its due debt.

The transfer of Octal to a foreign bank was made as a payment-in-kind against debt to the bank, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday.

The payment of the debt will result in KWD 10.22 million ($33.5 million) profits, representing a debt discount from debt outstanding balance.

The company is negotiating the restructuring of the remaining debt balance and accordingly the financial impact will be reflected in the third quarter (Q3) of 2020.