Mubasher: United Projects Company for Aviation Services (UPAC) said that the collaborators in the Reem Mall project in Abu Dhabi has completed all the final requirements for a credit facility contract valued at $457 million.
UPAC, listed on Boursa Kuwait, said that its liabilities increased through its subsidiary Al Arfaaj Real Estate Co to about KWD 124.9 million ($417 million) from the previous amount of KWD 68 million, according to a bourse statement on Monday.
The latest developments affected UPAC’s financial position by investing KWD 6.4 million ($21.4 million) in the project.
Thus, UPAC will own an equity of approximately 10% in the UAE-based Al Farwaniya Property Developments which executes the project in Abu Dhabi. A total amount of KWD 1.3 million has been already invested as registered on 31 December 2017.
UPAC added that the debt granted to the UAE project has increased from KWD 61.5 million and may reach up to KWD 118.5 million in the form of a convertible loan. An amount of KWD 26.4 million has been paid as on 31 December 2017.
It added that the paid amount will reflect on UPAC’s income statements ended on 31 December 2017, while the remaining amount will impact the financial statements during the project’s duration.
