Kuwait's UPAC receives approval for 132.5% share capital increase

The company, a lead investor in Abu Dhabi's Reem Mall, can now increase share capital to $105.5mln, and is preparing a public offering prospectus

  
Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

REUTERS/Stephanie McGehee

Kuwait-based real estate and facilities management company UPAC has received approval from the Capital Markets Authority (CMA) to increase its share capital by 132.5 percent, it was announced today.

The company, which manages commercial real estate and parking at Kuwait International Airport, and is an investor in Abu Dhabi's $1.2 billion mega project Reem Mall, said it had received the approval to increase paid up share capital from KD 16.45 million ($53.81 million), distributed over 164.5 million shares, to KD 38.25 million ($105.5 million) distributed over 382.5 million shares.

In a statement to Boursa Kuwait, UPAC said it was in the process of submitting a public offering prospectus to the CMA and that there is no impact on the company's financial position at the present time.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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© ZAWYA 2020

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