Agility Global shares zoom 300% on Abu Dhabi market debut

Shares opened at Dh1.48 a share at ADX against a trading reference price of Dh0.37

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Published: Thu 2 May 2024, 7:29 PM

Shares of Agility Global, a subsidiary of Kuwait-based Agility Public Warehousing Company, rose as much as 300 per cent in its debut trading on the Abu Dhabi Securities Exchange (ADX).

Shares opened at Dh1.48 a share against a trading reference price of Dh0.37. At the close of the day, Agility Global finished as the top gainer with a 327 per cent increase, and second in terms of market value and volume on ADX. Shares hit a high of Dh1.58, giving it a market value of Dh16.46 billion.

According to the parent company, Agility Global posted revenues of $3.9 billion in 2023. It has 50,000 employees and operations in more than 70 countries. The book value of the company is Dh19.6 billion.

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Agility Public Warehousing Company vice-chairman Tarek Sultan said: “The listing of Agility Global on the ADX crystalises 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.”

The company’s assets include aviation services provider Menzies Aviation, energy logistics solutions provider Tristar, and Agility Logistics Parks, a leading owner and developer of industrial real estate in the region, Africa, and South Asia. Agility Global’s portfolio also includes a nine per cent stake in DSV, the world’s third-largest freight forwarder.

“Agility Global’s listing gives global and regional investors an additional opportunity to be part of the group’s 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,” Sultan noted.

Agility Global’s parent company is listed on the Kuwait Stock Exchange and Dubai Financial Market and will remain the controlling shareholder in Agility Global with a 51 per cent stake.