Mubasher: Agility Public Warehousing announced that its subsidiary United Projects Company for Aviation Services (UPAC) has signed an agreement to obtain a credit facility worth KWD 50.1 million ($166.2 million) for five years.
UPAC has inked this agreement with Gulf Bank of Kuwait (GBK) and Al Ahli Bank of Kuwait (ABK), according to a bourse filing on Monday.
Agility added that this credit facility was obtained as part of the company’s investment and financing liabilities toward developing Reem Mall in Abu Dhabi; this project is executed in participation with National Real Estate, which is listed on Boursa Kuwait.
The financial impact from this credit facility agreement will reflect on Agility’s consolidated income statements for the period ending on 31 March 2018.
At the stock level, Agility closed Monday’s session at 800 fils and UPAC added 0.86% to reach 585 fils.
