Kuwaiti logistics major Agility's operations and assets management unit will list on Abu Dhabi's ADX with effect from May 2, the exchange operator said on Thursday.

Agility Global will have the trading symbol (AGILITY) and the ISIN: AEE01376A248 and will trade in the Industrials sector.

As per exchange rules the share price will not be subjected to the permitted daily movements limits (15% highest and 10% lowest) during the first three trading sessions.

Agility’s parent board approved an in-kind dividend distribution of 800 million Kuwaiti dinars ($2.6 billion), representing shares forming 49% of the issued share capital of Agility Global.

Following the distribution, Agility, which is dual listed on the DFM and the Kuwait Stock Exchanges, remained the controlling shareholder with a 51% stake in Agility Global. Agility will also continue to consolidate Agility Global’s accounts.

Agility Global manages certain company operations and assets including Menzies Aviation, the company’s investment in Tristar Transport llc, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment.

(Reporting by Brinda Darasha; editing by Seban Scaria)