Agility Public Warehousing Company has approved an interim cash dividend distribution of KD25.5 million ($83 million), equivalent to 10 fls per share and an in-kind dividend of KD800 million ($2.6 billion). 

 

The in-kind dividend represents shares forming 49% of the issued share capital of a subsidiary, Agility Global PLC, which is pursuing a listing on the Abu Dhabi Securities Exchange (ADX). 

 

Shareholders approved paying dividends on an interim basis and listing shares of certain Agility assets on foreign stock exchanges at prior general assembly meetings held on May 30 and June 7, 2023.

 

Agility Global PLC is a wholly owned subsidiary of Agility that manages certain company operations and assets, notably Menzies Aviation, the company’s investment in Tristar Transport LLC, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment.

 

Controlling stakeholder

Following the distribution, Agility, a listed company on the Kuwait Stock Exchange and Dubai Financial Market, will remain the controlling shareholder in Agility Global PLC with a 51% stake. Agility will continue to consolidate accounts for Agility Global PLC even after listing.  

 

“Over the last 25 years, Agility has grown to encompass global and regional companies that lead in their sectors. We’re proud of the value we’ve created for our 14,000 shareholders. Since the company was privatised in 1997, shareholder value has grown by a multiple of nearly 20 times. 

 

“The dividend distribution is an additional step in that journey. 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.”  

 

ADX listing is expected on May 2, subject to fulfilling certain regulatory requirements.--TradeArabia News Service