Mubasher: Agility Public Warehousing has invested around $35 million (KWD 11 million) in acquiring a direct or indirect minority stake in the initial public offering (IPO) of the special purpose acquisition companies (SPAC), Queen's Gambit Growth Capital and its sponsor Queen's Gambit Holdings.
The businesses of Queen's Gambit focus on a merger, share exchange, asset acquisition, share purchase, or a similar business combination, according to the company's disclosure to Boursa Kuwait on Sunday.
In addition, the SPAC seeks to targets businesses providing sustainable solutions in clean energy, healthcare, financial technology, industrials, mobility, and emerging technology.
Agility remarked that the transaction's financial impact cannot be currently assessed and will be determined based on the prevailing market price of the SPAC at the respective reporting period.
Meanwhile, the financial impact will be registered in the company's financials in the respective periods.
It is noteworthy to mention that during the first nine months of 2020, the net profits attributable to the equity holders of Agility dipped by 50.4% to KWD 31.52 million from KWD 63.57 million in the same period of 2019.
