News Update

 

UPAC Successfully Completes Capital Increase Process

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 has increased its issued and paid-up capital by KD 3,275,000 divided into 32,750,000 ordinary shares, with a total value of KD 18,012,500 including the issuance premium. The subscription period closed on 14-February-2019, and impact of the capital increase will be reflected in the financial statements for the period ending on 31-March-2019.

Nadia Akil, Chief Executive Officer – UPAC, said: “This is the second successful capital increase process UPAC has completed, a positive reflection of shareholder confidence in the company and its plans. The capital increase is equivalent to an increase of approximately 25% of the current issued and paid up capital, which will facilitate funding of our operations and to invest in new ventures, particularly Reem Mall in Abu Dhabi.”

Akil added, “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 last capital increase was carried out in March 2018, where UPAC completed the issuance of its issued and paid-up capital by KD 3,175,000, at a total value of KD 20,002,500 including the issuance premium at the time.