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Kuwait’s NREC has no plans to exit Agility investment

Kuwait's National Real Estate Co. quells reports that it is dropping stakes in logistics firm Agility.

May 16, 2011 10:53 by

Kuwait’s National Real Estate Co (NREC) said it has no current plans to sell its stake in logistics firm Agility , refuting a newspaper report on Monday.

“NREC’s investment in Agility is considered one of the most important strategic investments for the firm, and there is no intention to exit it currently,” NREC said in a statement on the Kuwaiti bourse website on Monday.

Kuwaiti daily al-Rai said that NREC, which owns a 22.4 percent stake in Agility according to bourse data, was considering a stake sale and had hired a European bank to study the matter. It did not cite sources for the report. (Reporting by Eman Goma; Editing by Amran Abocar)

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