Monday, Jun 27, 2011
BEIRUT (Zawya Dow Jones)--Kuwait's United Projects for Aviation Services Co., or Upac, wasn't affected by the suspension of the operations at its parent company Kuwait National Airways, or Wataniya Airways, Kuwait-based Al Anba daily reports Monday citing an executive.
Upac's financial situation is excellent and its projects are proceeding smoothly, Majid Al Ajeel, Upac's vice chairman and chief executive, said according to the paper.
It's Wataniya Airways which holds a stake in Upac and not the opposite, and this doesn't have any impact on Upac's balance sheet, he added.
The airline, which holds a 62.28% stake in Upac, according to Zawya.com data, said last week that it has scrapped a plan to increase its capital by 15 million Kuwaiti dinars ($54.66 million). A Wataniya executive said in May that the carrier's resumption of operations would depend on whether its shareholders approve the capital hike.
Newspaper website: http://www.alanba.com.kw/AbsoluteNMNEW/templates/economy2010.aspx?articleid=207728&zoneid=17&m=0
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
27-06-11 0425GMT
