In accordance to CMA’s resolution on the disclosure of material information and the mechanism of disclosing it, please note that PWC Aviation Services KSCC, a subsidiary of Agility the Public Warehousing Company KSC has obtained a credit facility from one of the local banks for an amount of KD 27 million, the facility is payable on installment with the last installment due on 30 September 2018. The purpose of this facility is to finance the company’s acquisition of United Projects Company for Aviation Services KSCC “UPAC”.
The main source of repayment for this facility will be mainly the future cash dividends distribution by UPAC, the borrower of this facility is PWC Aviation Services Company, with no recourse to Agility, and accordingly an amount of 55 million shares owned by PWC Aviation Services have been pledged to the bank as a security against this loan.