Agility to invest in Tortoise's private offering

The merger is subject to regulatory approval

  
A woman is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

A woman is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

REUTERS/Christopher Pike

Mubasher: Agility Public Warehousing, dually listed on Boursa Kuwait and Dubai Financial Market (DFM), has approved its investment in the private securities offering of Tortoise Acquisition Corp.

This announcement is in connection with the merger between Agility and Hyliion, a power generation solution provider for class 8 commercial vehicles, the company disclosed to Boursa Kuwait on Sunday.

However, the merger is subject to regulatory approval and not yet final; hence, the merger does not have a financial impact on Agility.

As part of its sustainability programme, Agility will purchase up to 1,000 trucks of Hyliion's recently launched Hypertruck Electric Range Extender (ERX).

It is noteworthy to mention that in 2019, the Kuwait-based company's net profits increased by 7% year-on-year (YoY) to KWD 86.8 million, compared to KWD 81.1 million in 2018.

Source: Mubasher

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