Kuwaiti firm to buy supply chain business for $90m
Agility Logistics is expanding its business into Africa after acquiring a 52 per cent stake in South Africa’s Super Group.
The Kuwaiti logistics group is understood to have agreed to invest about $90m in the transport, warehousing and supply chain business, with the South African company issuing further new capital.
Super Group is listed on the Johannesburg Stock Exchange.
In August, Agility announced a 13.5 per cent increase in net profits during the first half to KD78.4m ($273.6m).
Group revenues fell 9 per cent to KD821m, compared with the first half of 2008. Earnings per share were 78.4fils, a 17.8 per cent increase year-on-year.
Agility’s cash generation from its operations has been strong in the first half. The group now has a cash position of KD329m and net debt of KD82m.
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