Kuwait's Agility Global to seek listing on Abu Dhabi's ADX
Agility Global is part of Kuwait blue-chip Agility Public Warehousing Co.
Dubai: Kuwait's Agility Public Warehousing Company is seeking a possible listing of its subsidiary on Abu Dhabi's ADX. The plan is to get Agility Global to show up on ADX by May 2, subject to fulfilling regulatory requirements.
A wholly-owned subsidiary, Agility Global manages certain company operations and assets - Menzies Aviation, the company’s investment in Tristar Transport llc, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment.
The parent entity, Agility Public Warehousing Company, already is listed on DFM and Boursa Kuwait. Agility’s Board has approved an in-kind dividend distribution estimated at KD800 million ($2.6 billion), representing shares forming 49 per cent of the issued share capital of Agility Global PLC.
Its Board of Directors also approved an interim cash dividend distribution of KD25.5 million ($83 million), equivalent to 10 fls per share. Shareholders had approved paying dividends on an interim basis and listing shares of certain Agility assets on foreign stock exchanges at AGMs held on May 30 and June 7, 2023.
After the ADX listing, Agility Public Warehousing Co. will retain 51 per cent in Agility Global.
“Over the last 25 years, Agility has grown to encompass global and regional companies that lead in their sectors," said Tarek Sultan, Agility’s Vice-Chairman. "We’re proud of the value we’ve created for our 14,000 shareholders.
"Since the company was privatized in 1997, shareholder value has grown by a multiple of nearly 20 times. The listing of Agility Global PLC crystallizes the value of assets for shareholders and gives the company access to additional capital markets to fund future growth.
“Agility continues to be a global company proudly based in Kuwait; and will continue to invest and grow locally as well as globally.”