Reference to our previous disclosures related to Agility’s funding to its listed subsidiary, United Project for Aviation Services Company K.S.C.P. (UPAC), to invest in Reem Mall project through its fully owned subsidiary PWC Aviation Services Company KSCC (PWC). Agility would like to announce that PWC (Lending Party), will sign a Convertible Loan Agreement (CLA) with UPAC (Borrowing Party) for a total amount up to KD 125 million for the purpose of settling the existing obligation of UPAC to PWC in addition to an amount covering the future financing requirements for Reem Mall project in Abu Dhabi.
This agreement, which is still subject to the approvals of the relevant authorities, will give the lender the option to capitalize the debt into new ordinary shares in UPAC’s capital in accordance with the laws and regulations issued in this regard.
Note, the financial impact of this transaction will be assessed when the transaction is approved and completed.
Investor Relations Team