Tristar Initial Public Offering

Agility would like to disclose that Tristar Transport PJSC (under incorporation) “Tristar”, a subsidiary owned 65.12% by Agility, intends to proceed with an initial public offering (the “IPO” or the “Offering”) on the Dubai Financial Market (“DFM”).

The shares offered in the IPO are expected to represent up to 24% of the total issued ordinary shares of Tristar if all of the offered shares are subscribed for and allocated. The IPO is expected to comprise 199 million new shares issued by Tristar and up to 88.76 million shares currently held by existing shareholders in Tristar.

The Offering is expected to be allocated to certain types of juridical persons and high net worth individuals and who are qualified investors as defined by the Securities and Commodities Authority of the UAE, with a minimum application size of AED 500,000.

When completed, Tristar expects to receive between $120 to $160 million (around KD 36 to KD 48 million) of gross primary proceeds from the IPO. The admission to listing on the DFM is expected in April 2021, subject to market conditions and obtaining relevant regulatory approvals in the United Arab Emirates, including from the Securities and Commodities Authority of the UAE. The IPO is also expected to be declared Sharia compliant, subject to confirmation by the Sharia Supervision Committee.

A syndicate of banks has been appointed for the IPO and the price will be determined by book building.

After completion of the IPO Agility will hold 50.14% of the total share capital of Tristar as Agility is offering 14.98% of its total current 65.12% shareholding in Tristar to the public as part of the public offering.

 

Best regards,

Investor Relations Team