Reference to the above mentioned subject; and in accordance with Chapter 10 of the Capital Markets Authority’s bylaws of Law No. 7 of the year 2010 on Disclosure and Transparency Agility would like to announce:
|13th June 2023
|Agility Public Warehousing Company KSCP “Agility”
|Previous Disclosure Title
|Convertible Loan Agreement with a subsidiary
|Previous Disclosure Date
|01 May 2023
|Reference to our previous disclosure related to the convertible Loan Agreement between PWC Aviation Services Company KSCC (Lending Party) – a subsidiary of Agility and United Projects for Aviation Services Company KSCP – UPAC – (Borrowing Party) for a total amount up to KD 125 million, we would like to announce that this convertible loan agreement has been signed. The amount of the loan will be used against the existing obligation of UPAC to PWC for an amount of KD 88 million in addition to an amount up to KD 37 million 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.
|Impact of the material information on the financial position of the company
|As for the additional funding of KD 37 million, the amount will be reflected on the company’s financials as Loan to a Related party when used and based on the requirements of the project, as for the conversion the impact will only be assessed when the transaction is approved and completed.
Investor Relations Team