Kuwait City, May 2: Agility Public Warehousing Company KSCP (“Agility”) announced the start of trading for its subsidiary, Agility Global PLC (“Agility Global”), on the Abu Dhabi Securities Exchange (ADX), one of the fastest growing stock exchanges in the world.
On March 27th, Agility announced an in-kind dividend distribution of shares representing 49% of the issued share capital in Agility Global, estimated at KD 800 million (USD 2.6 billion).
For FY 2023, Agility Global had revenues of USD 3.9 billion (KD 1.21 billion), EBITDA of USD 0.6 billion (KD 0.19 billion), 50,000 employees and operations in 70+ countries. The book value of the company is AED 19.6 billion.
Agility Global’s valuable international assets include Menzies Aviation, the world’s largest aviation services provider, Tristar , a global leader in fuel and chemicals storage, shipping and logistics, and Agility Logistics Parks, a leading owner and developer of industrial real estate in the Middle East, Africa and South Asia. Agility Global’s portfolio also includes a 9% stake in DSV, the world’s third-largest freight forwarder.
Agility (ticker symbol: AGLTY), listed on the Kuwait Stock Exchange and Dubai Financial Market, will remain the controlling shareholder in Agility Global (ticker symbol: AGILITY) with a 51% stake and consolidate Agility Global results in its financial reporting.
Agility Vice Chairman, Tarek Sultan said: “Agility, a global company proudly based in Kuwait, will continue to invest and grow in the country, supporting the government’s Kuwait Vision 2035.
The listing of Agility Global on the ADX crystalizes the value of our assets and enables the company to access additional capital markets to drive further growth. Agility Global’s new listing is a milestone in the ongoing growth and value creation journey that began for us in Kuwait in 1997.
Agility Global’s listing gives global and regional investors an additional opportunity to be part of the Agility growth story going forward and rewards our existing shareholders in Kuwait and beyond. As always, we thank our shareholders, customers, employees, and communities for the faith and trust they have demonstrated in us and are committed to continuing to drive sustainable and long-term shareholder value and returns.”