Reference to the above-mentioned subject; and in accordance with Chapter 10 of the Capital Markets Authority’s bylaws of Law No. 7 of the year 2010 on Disclosure and Transparency Agility would like to announce:
| Date | 30 April 2024 |
| Company Name | Agility Public Warehousing Company KSCP (“Agility”) |
| Case electronic number | N/A |
| Case Number | PCA Case No. 2015-12 |
| Case Subject | On July 21, 2014, ICS Inspection and Control Services Limited (“the Claimant”), a subsidiary of Agility Group, filed a notice of arbitration against the Argentine Republic (“the Respondent”) regarding the Respondent’s breach of its obligations under Article 2 of the bilateral treaty between the United Kingdom and Argentina in connection to an agreement entered into between the Claimant and Argentina’s Ministry of Economy and Public Finances, formerly known as the Ministry of Economy and Public Works and Services (“MECON”) on March 11, 1998. This agreement concerned services provided by the Claimant as part of a government-supervised program under which goods intended for import into Argentina would be inspected before being shipped to Argentina. The Claimant thereby sought compensation for the losses incurred due to the alleged breaches of the bilateral investment treaty.
The tribunal awarded compensation to the Claimant, for an amount of USD 159.7 million (around KD 49 million), being USD 9.7 million as principal award in addition to an amount of USD 150 million as interest on the awarded amount. |
| Date of the decision | 29 April 2024 |
| Court Issuing the decision | The arbitration was conducted under the UNCITRAL Arbitration Rules, with the Permanent Court of Arbitration serving as the registry. |
| Department | N/A |
| Parties involved | Claimant: ICS Inspection and Control Services Limited (United Kingdom)
Respondent: The Argentine Republic |
| Decision in favor of | ICS Inspection and Control Services Limited (United Kingdom) |
| First Instance court decision | N/A |
| Appeal court decision | N/A |
| Financial Impact | No financial impact at the moment until the amount is collected. |
Best Regards,
Investor Relations Team