{"id":90576,"date":"2024-03-29T00:00:00","date_gmt":"2024-03-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/agility-plans-to-list-subsidiary-on-adx\/"},"modified":"2024-03-29T00:00:00","modified_gmt":"2024-03-29T00:00:00","slug":"agility-plans-to-list-subsidiary-on-adx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/29\/agility-plans-to-list-subsidiary-on-adx\/","title":{"rendered":"Agility plans to list subsidiary on ADX"},"content":{"rendered":"

Kuwaiti logistics outfit<\/strong><\/a><\/strong>Agility<\/a><\/strong> is looking to list its operations and assets <\/strong>management unit, Agility Global, on the ADX in May<\/strong>, according to a <\/a>statement<\/a>. The ADX listing is slated for 2 May, subject to fulfillment of regulatory requirements. Shareholders have given prior approval to the listing of shares of Agility assets in general assembly meetings held on 30 May and 7 June 2023.<\/p>\n

The details:<\/strong> Agility\u2019s board approved an in-kind dividend distribution of some KWD 800 mn (USD 2.6 bn), representing shares forming 49% of the issued share capital of Agility Global. Following the distribution, Agility \u2014 which is listed both on the DFM and the Kuwait Stock Exchange \u2014 will remain the controlling shareholder with a 51% stake in Agility Global. Agility will also continue to consolidate Agility Global\u2019s accounts. <\/p>\n

What Agility Global does:<\/strong> The wholly owned unit manages company operations and assets for Agility subsidiary <\/a>Menzies Aviation<\/a>, the company\u2019s investment in <\/a>Tristar Transport,<\/a> operations of <\/a>Agility Logistics Parks<\/a> outside of Kuwait, and the DSV investment \u2014 which Agility\u2019s Global Integrated Logistics business (GIL) had <\/a>acquired<\/a> back in 2021, according to the statement.<\/p>\n

The IPO is to promote growth and expand access to more capital markets:<\/strong> The listing of Agility Global \u201ccrystalizes the value of assets for shareholders and gives the company access to additional capital markets to fund future growth,\u201d Agility Vice Chairman Tarek Sultan commented in the statement.<\/p>\n

What else? <\/strong>Agility\u2019s board also approved an interim cash dividend distribution of KWD 25.5 mn (USD 83 mn), equivalent to 10 fils per share, according to the statement. <\/p>\n

REMEMBER- Agility might also <\/strong>sell another subsidiary<\/a><\/strong> \u2014 Dubai-based Tristar <\/strong>\u2014 after plans to list the company on the Dubai Financial Market stalled back in 2021 due to a lack of investor demand. The company had planned to sell 24% of its shares in the IPO. <\/p>\n","protected":false},"excerpt":{"rendered":"

Agility is eyeing a distribution of 49% of Agility Global share capital<\/p>\n","protected":false},"author":1,"featured_media":90577,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[74,813,7,149],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-adx","tag-agility","tag-enterpriseam-uae","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"b058e349-05e5-4e2e-be49-d5034e22784f","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/628.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Agility plans to list subsidiary on ADX","related_issue":[90572],"teaser":"Agility is eyeing a distribution of 49% of Agility Global share capital","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.db938a05-0783-469d-ae2b-2ec50eca4b52.mp3"},"yoast_head":"\nAgility plans to list subsidiary on ADX - 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