Dear Investor,
Agility is disclosing that the Ministry of Industry and Trade – Directorate of Companies in Erbil – Iraq issued an administrative decree forcing the transfer of ownership of the shares of Korek Telecom Communication Company Limited, a subsidiary of Agility, from Agility to each of Sirwan Sabir Mustafa, Chawshin Hassan Chawshin and to Jaqsi Hamo Mustafa.
A request for arbitration was filed by Agility in February 2017 with the International Centre for Settlement of Investment Disputes against the Republic of Iraq for its failure to comply with its obligations under the agreement between the Government of the State of Kuwait and the Government of the Republic of Iraq for Reciprocal Promotion and Protection of Investments, and its obligations under the protocol between the two States on the Promotion of the Movement of Capital and Investments, by expropriating Agility’s investment in the Iraqi telecommunications sector.
Agility cannot assess the financial impact of the administrative decree until the closing of the arbitration proceedings and the pronouncement of the final arbitral award.
Best regards,
Investor Relations Team