Sign in
Kuwait’s Agility will list its shares on ADX this week: Kuwaiti logistics outfit Agility received approval from the Abu Dhabi Securities Exchange (ADX) to move forward with a technical listing of its operations and assets management unit, Agility Global, on the Abu Dhabi bourse, it said in a disclosure (pdf). The company’s shares will begin trading on Thursday, 2 May.
Technical listing? A technical listing means the company’s shares have been made tradeable on the bourse, without an offering of equity (primary or secondary) arranged by existing shareholders prior to the listing. This simply makes it possible for shareholders pre-transaction to start offering shares for sale to other investors via the ADX.
The share price is determined based on supply and demand in a technical listing, though Agility has set its reference price at AED 0.37, it said in the disclosure. The book value of Agility Global shares is near AED 1.88 per share, bringing the company’s total book value to AED 19.6 bn.
Background: Agility revealed plans to list Agility Global on the ADX last month, after shareholders gave prior approval to the listing of shares of Agility assets back in 2023. Agility’s board also approved an in-kind dividend distribution of some KWD 800 mn (USD 2.6 bn), representing shares forming 49% of the issued share capital of Agility Global. Following the distribution, Agility — which is listed both on the DFM and the Kuwait Stock Exchange — will remain the controlling shareholder with a 51% stake in Agility Global. Agility will also continue to consolidate Agility Global’s accounts.
What Agility Global does: The wholly owned unit manages company operations and assets for Agility subsidiary Menzies Aviation, the company’s investment in Tristar Transport, operations of Agility Logistics Parks outside of Kuwait, and its merger with DSV, according to the statement.
Another Agility IPO coming soon? Agility might also sell another subsidiary — Dubai-based Tristar — after plans to list the company on the Dubai Financial Market stalled back in 2021 due to a lack of investor demand. The company had planned to sell 24% of its shares in the IPO.
