Mubasher: The board of United Projects Company for Aviation Services (UPAC) has approved raising the company’s issued and paid-up capital by 45% to KWD 23.85 million from KWD 16.45 million, subject to regulatory approvals.
Therefore, the company’s shares will be increased to 238.52 million shares from 164.5 million shares, according to a bourse disclosure on Sunday.
The capital hike aims to finance the company’s future operations and investments, particularly Abu Dhabi’s Reem Mall.
In addition, it aims to bolster the operating capital requirements needed to spur growth and future expansion.
It is worth pinpointing that in 2019, UPAC’s profits dropped by 3.9% to KWD 9.33 million as compared to KWD 9.7 million in 2018.
