Agility Public Warehousing Company KSCP says it has taken significant steps towards enhancing shareholder value through strategic financial decisions, including a substantial dividend payout and the listing of a key subsidiary on the Abu Dhabi Securities Exchange (ADX).
Agility Global PLC, embodying significant operations and assets including Menzies Aviation, the investment in Tristar Transport LLC, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment, is charting its course towards a listing on the ADX on 2nd May, 2024 – subject to the flotation meeting regulatory requirements.
In the meantime, the company’s Board of Directors has sanctioned an interim cash dividend distribution totaling KD 25.5 million (USD 83 million), translating to 10 fils per share. This decision precedes the board’s meeting scheduled for March 30, where discussions will focus on the comprehensive financial outcomes of the year and subsequent dividend declarations.
This financial maneuver follows the approval from shareholders to initiate dividends on an interim basis and the strategic move to list shares of certain Agility assets on international stock exchanges, as determined in the general assembly meetings on May 30 and June 7, 2023.
In a pivotal development, Agility’s Board has ratified an in-kind dividend distribution estimated at KD 800 million (USD 2.6 billion).
This distribution comprises shares constituting 49% of the issued share capital of its wholly owned subsidiary, Agility Global PLC.
Post-distribution, Agility, which is currently listed on the Kuwait Stock Exchange and Dubai Financial Market, will retain majority control over Agility Global PLC, holding a 51% stake. Despite the listing, Agility will continue to consolidate accounts for Agility Global PLC, ensuring a unified financial reporting structure.
This strategic maneuver is poised to unlock value for shareholders, providing them with direct ownership in Agility Global PLC and access to a distinct investment opportunity on the ADX. The listing not only amplifies Agility’s commitment to shareholder value but also underscores its strategic vision in maximizing the potential of its diversified global operations.
“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 privatized 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 crystallizes 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.”
