Kuwait's Agility secures $235m loan to fund future plans

18 January 2016

Logistics and warehousing solutions firm acquired funding facility from a group of regional and international banks

Kuwait and Dubai-listed transportation and warehousing solutions firm Agility has obtained a $235m funding facility from a group of five regional and international banks to finance future growth plans.

The three-year unsecured revolving facility is currently undrawn and has the option to be extended for another two years, Tarek Abdul Aziz Sultan al-Essa, company’s vice chairman and chief executive said in a 18 January stock exchange filing.

National Bank of Abu Dhabi (NBAD), Banco Santander, Natixis, Standard Chartered and HSBC Middle East underwrote the facility, according to the statement.

Agility on 11 January said that one of its subsidiary is taking over Abu Dhabi-headquartered Emirates Ships Company (Eships) for $90m.

Tristar, Agility’s liquid logistics arm that entered into an agreement with Eships to buy all its shares, will fund the deal through debt and equity, the parent company said at the time without giving further details.

The transaction is expected to be completed in the next few months.

Eships is both a ship investment company and operator. Its active fleet includes five product and chemical tankers, two liquid petroleum gas (LPG) and one bare boat chartered vessel. Tristar, for its part, specialises in handling hydrocarbons, lubricants, chemicals and liquid gases.

 

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