Agility Acquires 62% of UPAC

Agility would like to announce that it has acquired through its portfolio under Bayan Investment Company a 62% (51,021,614 shares) of United Projects for Aviation Services Company “UPAC” a Kuwaiti Listed Company, with a value of KD 26 million through the public auction held on 3rd of June 2012. Payment and transfers procedures will be completed by June 4th 2012 to finalize the deal.

UPAC provides a range of services from aviation, ground handling, facility management and others.
 Agility undertakes after the completion of the deal to follow Kuwait’s Capital Markets Authority Law no 7 for year 2010, its bylaws and instruction no 1 for year 2012 related to Mergers and Acquisitions. According to KSE and CMA requirements, Agility will give the remaining shareholders of UPAC a purchase offer to buy their shares at a price of 320 fils set by Agility based on the average market price for the previous 6 months. ​