Mubasher: United Projects Company for Aviation Services (UPAC) announced that the Capital Markets Authority (CMA) has approved for the company to raise the issued and paid-up capital to KWD 16.45 million from KWD 13.175 million.

UPAC’s capital hike will be through adding KWD 3.275 million by issuing 32.75 million ordinary shares at a nominal value of 100 fils each, in addition to an issue premium of 450 fils per shares, according to a bourse statement on Sunday.

Increasing the capital will be by issuing the shares for a public subscription.

Issuing these shares will impact UPAC’s financial position after finalising the procedures of the subscription.