Agility Public Warehousing Company’s (Agility) board of directors has approved an interim cash dividend and an in-kind dividend, totalling KD 825.5 million ($2.68 billion).

The board approved distributing an interim cash dividend of KD 25.5 million or 10 fils per share.  

The board will meet on March 30 to discuss the full year financial results and dividends, the company, listed on the Kuwait Stock Exchange and Dubai Financial Market, said in a statement.

In addition, Agility’s board green-lighted an in-kind dividend of KD 800 million ($2.6 billion), representing 49% of the issued share capital of Agility Global, a subsidiary seeking listing on the Abu Dhabi Securities Exchange (ADX) on May 2, subject to regulatory approvals.

An in-kind distribution refers to a payment made in the form of securities rather than in cash.

Agility Global is a wholly owned subsidiary of Agility that manages certain company operations and assets, such as Menzies Aviation, investment in Tristar Transport, etc.

Agility will remain the controlling shareholder in Agility Global with a 51% stake and will continue consolidating accounts for the subsidiary even after listing. 

(Editing by Seban Scaria seban.scaria@lseg.com)