Mubasher: United Projects Company for Aviation Services (UPAC) announced that the Capital Markets Authority (CMA) approved the rights issue prospectus, according to a bourse disclosure on Sunday.

UPAC will disclose the duration of the subscription and the timeline of maturity dates in addition to other details once the board members determine them based on the CMA’ s approval.

The return of the issuance will impact UPAC after the procedures of the rights issue and capital increase are completed.

On 25 November, UPAC said that it will increase the issued and paid-up capital to KWD 16.450 million from KWD 13.175 million.

At the stock level, UPAC closed Sunday’s session 8.55% higher at 635 fils.