Agility Global Plans IPO on Abu Dhabi Securities Exchange in May

Kuwait-based Agility Public Warehousing Company’s subsidiary Agility Global, which is pursuing a listing on Abu Dhabi Securities Exchange (ADX), has approved an in-kind dividend distribution estimated at $2.6 billion, representing shares forming 49% of the issued share capital of the subsidiary. ADX listing is expected May 2, subject to fulfilling certain regulatory requirements.

According to a media report, Agility might also sell another subsidiary — Dubai-based Tristar — after plans to list the company on the Dubai Financial Market (DFM) stalled back in 2021 due to a lack of investor demand. The company had planned to sell 24% of its shares in the IPO, the report said.

Agility also announced an interim cash dividend distribution of $83 million and its Board of Directors will meet on Saturday (March 30) to discuss the full year financial results and dividends. 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.

Following the distribution, Agility, a listed company on the Kuwait Stock Exchange and Dubai Financial Market (DFM), 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.

Tarek Sultan, Agility’s Vice Chairman, said that over the last 25 years, Agility has grown to encompass global and regional companies that lead in their sectors. The company was proud of the value it has created for its 14,000 shareholders.

Shareholder Value Grows

“Since the company was privatised in 1997, shareholder value has grown by a multiple of nearly 20 times. Today’s 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,” he said.

“Agility continues to be a global company proudly based in Kuwait; and will continue to invest and grow locally as well as globally,” Sultan added.