Mubasher: Agility Public Warehousing is currently in negotiations with banks to raise nearly $800 million in debt as part of the company’s plan to grow its business, the CEO of Agility said.
Agility, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), has plans to expand its global warehouse capacity by lending from domestic and foreign banks, Tarek Sultan told Reuters.
The banks include HSBC and Standard Chartered, for the funding, which could be raised through bonds or bank debt.
“The financial department is now starting to deal with the details and if it sees that the bonds have an advantage, we will resort to bonds, but so far there is no final decision,” the CEO said, according to Reuters.
He added that the Kuwaiti company mulls increasing its current 10 million-square-metre global warehouse space by 500,000 square metres annually for five years.
“Most of the new increases will be in Africa and the Middle East,” the CEO said, according to Reuters.
