UPAC Successfully Completes Capital Increase Process
26 MARCH 2018, KUWAIT
United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, announced that the subscription period for raising its capital has ended successfully. The company increased its issued and paid-up capital by KD 3,175,000 divided into 31,750,000 ordinary shares, with a total value of KD 20,002,500, including the issuance premium. The subscription period closed on 18 March 2018, and impact of the capital increase will be reflected in the financial statements for the period ending on 31 March 2018.
Nadia Akil, Chief Executive Officer – UPAC, said: “I am very pleased with the successful completion of our capital increase process, a positive indication of certainty in the company’s management and future expansion plans. This additional capital will serve to further boost the company’s liquidity and support various current and future expansion plans, including Abu Dhabi’s Reem Mall. Reem Mall will be the first, and one of the largest projects UPAC has undertaken outside of Kuwait.”
Akil said, “I would also like to take this opportunity to thank our loyal shareholders for their trust in UPAC, who have made this subscription a success. We also recognize the Capital Markets Authority’s crucial role and appreciate their support during the entire process.”
The most recent capital increase was carried out in June 2017, where UPAC completed the issuance of bonus shares equivalent to 17,500,000 shares with a total nominal value of KD 1.75 million, in order to comply with minimal capital requirements at that time.
Development of Reem Mall is well underway; this follows the successful completion of the financing of the $1.2 billion project by the consortium backing the project (Agility, UPAC and National Real Estate Company), in addition to the commencement of construction following the appointment of Itinera Ghantoot as the lead contractor for the project.