Mubasher: United Projects Company for Aviation Services (UPAC) on Wednesday announced that BWC Aviation had acquired 31.09 million shares in the company through an initial public offering (IPO).

The acquisition aims at increasing UPAC’s capital, according to the company’s statement to Boursa Kuwait.

The deal had been completed on 31 March 2018, while allocation and registration procedures were fulfilled on 4 April, Kuwait-listed UPAC noted. 

BWC Aviation bought UPAC’s shares for a combined value of KWD 19.59 million, according to the statement.