Kuwait’s Agility Public Warehousing Company (Agility) plans to list its operations and assets management unit on the Abu Dhabi Securities Exchange (ADX), the company revealed in a press release.
The listing is set to take place on May 2, making it the emirate’s first IPO of 2024.
Agility has said it will remain the majority shareholder in its subsidiary following the listing, with a 5% stake.
Agility Global manages the Kuwaiti logistics giant’s operations. It oversees Menzies Aviation, the firm’s investment in Tristar Transport, Agility Logistics Parks outside Kuwait, and the DSV investment. The subsidiary has recorded $3.3bn (KWD 1.01bn) in revenue in the first nine months of 2023 and has a market capitalisation of Dhs 34.8 billion.
Agility is already listed on the Dubai Financial Market (DFM) and Boursa Kuwait.
“The listing of Agility Global PLC crystallises the value of assets for shareholders and gives the company access to additional capital markets to fund future growth,” said Tarek Sultan, Agility’s Vice Chairman. “Agility continues to be a global company proudly based in Kuwait, and will continue to invest and grow locally, as well as globally.”
At the same time the listing was announced, Agility’s Board approved an in-kind dividend distribution estimated at KD 800 million ($2.6 billion), representing shares forming 49% of the issued share capital of Agility Global PLC.
The Board also approved an interim cash dividend distribution of KD 25.5 million ($83 million), equivalent to 10 fls per share.
