Kuwait's PWC Aviation acquires 26.5% stake in UPAC
- Kuwait: Monday, October 08 - 2012 at 05:52
Kuwait-based PWC Aviation Services has received the approval by the Kuwait Stock Exchange to acquire a 26.5% stake in United Projects for Aviation Services (UPAC), Kuna has reported. The deal will see PWC Aviation Services, a subsidiary of logistics group Agility, acquire 21.935 million shares of UPAC under the agreement, with a value of KD0.510 per share. The total value of the deal is said to be worth KD11.2m of the company which was established in 2000, with a working capital of KD8.25m. UPAC operates primarily in the airline catering industry and is involved in other functions such as air transportation and airline support services.
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