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Kuwaiti logistics outfit Agility is looking to list its operations and assets management unit, Agility Global, on the ADX in May, according to a statement. The ADX listing is slated for 2 May, subject to fulfillment of regulatory requirements. Shareholders have given prior approval to the listing of shares of Agility assets in general assembly meetings held on 30 May and 7 June 2023.
The details: Agility’s board 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 the DSV investment — which Agility’s Global Integrated Logistics business (GIL) had acquired back in 2021, according to the statement.
The IPO is to promote growth and expand access to more capital markets: The listing of Agility Global “crystalizes the value of assets for shareholders and gives the company access to additional capital markets to fund future growth,” Agility Vice Chairman Tarek Sultan commented in the statement.
What else? Agility’s board also approved an interim cash dividend distribution of KWD 25.5 mn (USD 83 mn), equivalent to 10 fils per share, according to the statement.
REMEMBER- 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.
