January 18, 2023

Supplementary Disclosure related to the Leasing Contracts with the PAI

Date 18 January 2023
Company Name Agility Public Warehousing Company KSCP Name
Previous Disclosure Title Disclosure of Material Information related to the Leasing Contracts with the PAI
Previous Disclosure Date

 

 03 January 2023
Material Information Reference to our previous disclosure, please be informed that Agility has received today January 18, 2023 notice from the Public Authority of Industry (PAI) stating its unwillingness to renew or extend the lease contracts for certain sites with Agility and to vacate those areas within one week. PAI letters apply to the below contracts:

  1. Contract no. 211 in relation to the renting of plot outside the industrial area in Sulaibiah
  2. Contract no. 60 in relation to the renting of a plot in Sulaibiah
  3. Contract no. 19/2002 relating to the renting of plot in Amghara industrial
  4. Contract no. 8/2003 relating to the renting of plot in Doha
  5. Contract no. 208 in relation to renting a plot outside the industrial area in Mina Abdullah

Agility reserves the content of the aforementioned warnings and will continue with the necessary legal procedures to prove the extension of the contracts under question on the sites requested by PAI to vacate. Agility believes that the contracts for the sites that the Authority requests to vacate have been effectively renewed in accordance with the law and the terms of the contract.
Impact of the material information on the financial position of the company At this time the impact on the financial position of the company cannot be determined. However, the plots in question based on the preliminary assessment of the run rate represent approximately 3.5% (43 Million Kuwaiti Dinar) of the consolidated revenues of the company and approximately 16% (39 Million Kuwaiti Dinar) of EBITDA. The book value of those plots represents approximately 6% of the company’s assets.

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