Kuwait – Mubasher: The stock of Agility Public Warehousing rallied shortly before Thursday’s session on Kuwait Stock Exchange (KSE) closes, spurred by the chief executive officer’s statement that his company seeks to raise around $1 billion to finance future expansions.
The stock, which is listed on both Kuwait and Dubai, rose by 2% or 10 fils to 510 fils in KSE, but saw no trades in Dubai.
The CEO told Reuters yesterday that his company plans to raise around $1 billion to fund future growth across its business.
The company is focusing on diversifying its business across emerging markets as low oil prices risk delaying some projects in the Middle East, said Tarek Sultan.
"We have corporate requirements that could be in the neighbourhood of $1 billion and our other businesses are growing as well, have their own requirements and will seek to address them on a project by project basis," he said.
