Agility plans to list operations and assets unit on ADX

Image courtesy: WAM

Kuwait’s Agility Public Warehousing Company (Agility) said on Thursday that it plans to list its operations and assets management unit on the Abu Dhabi Securities Exchange (ADX), in what is set to be the emirate’s first initial public offering (IPO) this year.

“The listing of Agility Global crystallises the value of assets for shareholders and gives the company access to additional capital markets to fund future growth,” Tarek Sultan, Agility’s vice chairman said, adding that the company will continue to invest and grow regionally as well as globally.

The share sale is scheduled for May 2, subject to regulatory approval. The logistics major said it will remain the majority shareholder in its subsidiary following the listing, with a 51 per cent stake.

Agility approves interim dividend distribution of cash dividends (KD 25.5M/$83 M) & inkind dividends (est. at KD 800M/$2.6B) in form of 49% of share capital of a subsidiary, Agility Global PLC, pursuing a listing on Abu Dhabi Securities Exchange (ADX): https://t.co/V8ba5w7E0P pic.twitter.com/WKbsTGSXaQ

— Agility (@Agility) March 28, 2024

“Agility will continue to consolidate accounts for Agility Global even after the IPO,” the company said in a statement.

Agility Global manages the Kuwaiti logistics giant’s operations and assets including Menzies Aviation, the firm’s investment in Tristar Transport, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment.

With a market capitalisation of Dhs34.8bn as of March 24, 2024, Agility has grown exponentially over the past 25 years. The logistics firm recorded $3.3bn (KWD1.01bn) in revenue in the first nine months of 2023 while its assets jumped by 18.1 per cent to reach KWD3.7bn.