By: Ahmad Awad

Kuwait-Mubasher: United Projects Company for Aviation Services’ (UPAC) ordinary general meeting agreed on distributing 86% cash dividends of the capital or 86 fils per share for the fiscal year 2015.

During FY15, the company achieved a 19.3% growth in net profits to KWD 6.75 million from KWD 5.66 million in the previous fiscal year.

UPAC has invested about $225 million in Abu Dhabi’s Reem Mall, deputy chairman of the KSE-listed firm, Nadia Okail, said on the sidelines of the ordinary general meeting on Wednesday.

The company will fund part of the project through banking facilities, while the remaining part will be by the company’s resources, Okail added.

UPAC’s deputy chairman clarified that its subsidiary, Al Arfaaj Real Estate Company, will operate the investment in Reem Mall, which is expected to launch in 2018.

On KSE’s level, the stock fell by 1.35% to 730 fils, an hour before ending Wednesday’s session, after 9,000 shares were traded with a value worth around KWD 6,500.