DEBT-

Agility subsidiaries to ink loan agreement: Kuwait-based Agility subsidiariesPWC Aviation Services Company KSCC (PWC) and United Project for Aviation Services Company (UPAC) are set to sign a KWD 125 mn convertible loan agreement, according to a company disclosure. The loan will go towards financing UPAC’s Reem Mall project in Abu Dhabi. The loan will settle UPAC’s existing debt obligation to PWC and cover the future financing requirements for the project. The loan can be converted into new ordinary shares in UPAC’s capital at PWC's discretion.

Gulf Navigation sells vessel to pay off debts + boost liquidity: Dubai-based shipping Gulf Navigationhas sold a USD 27 mn petrochemical tanker to Classical Oil Field Chemicals (FZCO) to allow it to pay off an USD 11.7 mn loan to Al Masraf, according to a company disclosure. The excess USD 8.2 mn in cash from the sale will go towards the firm’s liquidity position and future growth plans.

STARTUPS-

Egypt’s Khazenly wants to make it easier for merchants to do business overseas: Egyptian B2B logistics startup Khazenly has launched a new cross-border service designed to make it easier for Egyptian merchants to sell their products overseas, it said in a statement (pdf) yesterday. ‘Cross borders’ is an integrated service that helps companies with local fulfillment, foreign-exchange transactions, permits and licenses, and product returns, it said.

ALSO WORTH KNOWING-

  • Digital logistics firmTrukkinpartnered with P&E Auctions, a division of online auction platform Plant & Equipment, to handle the onshore transportation of heavy equipment and machinery sold through the platform. (Press release)
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