The United Projects for Aviation Services Company K.S.C.P. (UPAC) and Kuwait Financial Centre “Markaz” announced, in a joint statement, completion of the subscription procedures for UPAC capital increase with a total value of KD 18.013 million through issuing 32.750 million shares at a subscription price of 550 fils per share. The impact of the capital increase will be reflected in the financial statements for the period ending on 31 March 2019. The subscription was completed on 14 February 2019 and the allocation period was completed on 19 February 2019.
UPAC has valued the role of the Capital Markets Authority for their rapid response and support during the capital increase process, Kuwait Financial Centre “Markaz”, which acted as the Lead Manager and Subscription Agent, in addition to Meysan Partners, the Legal Advisor.
Nadia Akil, CEO and Vice Chairperson, UPAC said that the subscription process in the capital increase of the company has met all the legal requirements in accordance the Capital Markets Authority regulations. In addition, the issue was fully subscribed by the company’s current shareholders.
Akil stated, "We are pleased with the successful completion of the capital increase. The demand to subscribe to the company’s shares reflects the shareholders trust in the company and the stability of the Kuwaiti economy. The proceeds of capital increase will be utilized to fund the company's operations and investing in new projects, particularly Reem Mall in Abu Dhabi, UAE. UPAC is a partner in the development of Reem Mall, which is expected to be completed in late 2020."
Manaf A. Alhajeri, Chief Executive Officer of Kuwait Financial Centre “Markaz” said, "in recognition of the importance of capital markets in supporting the stability of the Kuwaiti economy, Markaz is always keen to contribute to the development and strengthening of the capital markets through managing capital increases of companies as well as publishing research and periodic reports on the capital markets. Markaz Capital Markets team has a long track-record in this field, It has executed numerous Capital market transactions since its establishment in 1998, such as Equity placements, IPO’s, Debt Capital markets transactions in addition to acting as a listing advisor for local and regional companies. We are proud to work with UPAC to make this capital increase successful."
United Projects for Aviation Services Company K.S.C.P. (UPAC)
Established in 2000, publicly listed on Boursa Kuwait, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.