United Projects Company for Aviation Services (UPAC) announced that its board members approved on Wednesday to raise the issued and paid-up capital by 25%.
UPAC will increase its capital by KWD 3.275 million to KWD 16.450 million from KWD 13.175 million, according to a bourse disclosure on Thursday.
Raising the capital will be through issuing 32.75 million ordinary shares at a subscription price of 550 fils per share including 100 fils representing par value and 450 fils as issue premium.
The capital hike aims at financing UPAC’s future business in addition to investing in new projects, namely The Reem Mall in Abu Dhabi.
UPAC clarified that the capital increase will not impact the company’s financial position in the current time, while it will affect the issue revenue after capital hike subscription is completed.
It is noteworthy that Agility owns an indirect share of 90.5% in UPAC’s capital.