Dear Investor,

Reference to our previous disclosure dated 21 November 2017, regarding Farwaniya Property Developments LLC (“Farwaniya”) – the company responsible for the development of Reem Mall- signing a USD 457 Million (approximately KD 137 Million) facility, Agility Public Warehousing Company KSCP (“Agility”) would like to inform you that Reem Mall project (“Reem”) sponsors have fulfilled the final conditions under the latest financing documents, among which are the completion of land title issuance through the relevant land authority in the Emirate of Abu Dhabi, transferring the title of the project land to the name of Farwaniya and the appointment of the main contractor.

With the satisfaction of the financing conditions of the senior debt, Agility’s investment in Farwaniya, directly and through its subsidiaries, will be as follows:

1. Total equity investment of KD 13.4 million equating to a 19.9% stake in Farwaniya.  The amount paid as of Dec 2017 is KD 8.3 million.

2. Total Debt of KD 118.5 million in the form of a convertible loan. The amount paid as of December 31st, 2017 is KD 26.4 million.

In addition to the above, the parent company has also provided corporate guarantees for the project amounting to KD 63.7 million and an undertaking for the completion of the mall within an agreed timeframe, plus a corporate conditional delayed start (subordinated until March 2023) guarantee for a value up to KD 35 million.


Investor Relations Department

Agility Public Warehousing Company

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