Kuwait’s PWC Aviation Services has acquired a 26.5% stake in the local company United Projects for Aviation Services (UPAC), the Kuwait News Agency has reported. The Kuwait Stock Exchange approved the deal on October 7.
As part of the deal PWC, which is a subsidiary of logistics group Agility, will reportedly acquire 21.935 million shares worth KD 0.510 per share in UPAC. The total value of the deal is KD 11.2 million.
UPAC primarily operates in the airline catering business and is involved in air transportation and airline support services as well.