PWC Logistics today held a seminar to announce its planned listing on the Dubai Financial Market (DFM) and discuss its operations, recent financial performance and future strategy. The company is currently traded on the Kuwait Stock Exchange (ticker symbol WARE) and included in the Dow Jones DIFC Arabia Titans 50 Index. The seminar was held at the Grand Hyatt Hotel in Dubai and attended by private investors, financial services professionals and the media.
Representatives from PWC Logistics included Mr. Tarek Sultan, Chairman and Managing Director, Mr. Essa Al-Saleh, Managing Director - Corporate Development, and Mr. Ehab Aziz, Chief Financial Officer. PWC Logistics’ listing advisor, Global Investment House, was represented by Mr. Bader Al Sumait, Executive Vice President, and Mr. Raghu Sarma, Financial Analyst.
Mr. Sultan talked about PWC Logistics’ role as a leading global provider of integrated supply chain solutions. He commented: “PWC Logistics has seen tremendous growth during the past year in parallel with the development of the regional equity markets.” He continued: “By listing our company on the DFM, investors will have greater access to our shares and benefit from increased share liquidity. Furthermore, PWC Logistics has and is continuing to invest heavily in the United Arab Emirates, thereby underscoring the company’s confidence in the political and economic environment of the country”
Mr. Al-Saleh discussed the company’s service offering and business strategy, stating: “Our mission is to facilitate trade through innovative supply chain solutions. With our wide range of products and services we focus on staying ahead of the competition in local markets while seamlessly working across our global network. Our recent acquisitions have transformed the company from a regional to a truly global leader.”
Mr. Aziz presented the company’s recent financial performance. For the first three quarters of 2005, the company reported total operating revenues of $ 829 million and net profit of $ 382 million. PWC Logistics’ reported total current assents of $ 1.6 billion and total assets of $ 3.4 billion.
Mr. Al-Sumait talked about the significance of listing a company on the DFM and elaborated on the company’s dual listing. “This is inline with our strategy to enhance the capital market, and such dual listing will also increase the trading scope for PWC stock." he said.
Mr. Sarma concluded the seminar with an analysis of PWC Logistics’ valuation.
The seminar was followed by an open discussion forum where attendees could interact with the executives from PWC Logistics and Global.
About PWC Logistics
PWC Logistics is a global provider of integrated supply chain solutions, with more than 450 offices located in over one-hundred countries spread across six continents. Through its network of warehousing facilities and transportation and freight management services, PWC provides its customers with flexible solutions tailored to meet their business needs. PWC’s customers span a wide range of industries, including apparel and footwear; automotive; consumer and industrial electronics; consumer packaged goods; engineering and construction; events and entertainment; food and grocery; government and military; healthcare and pharmaceutical; and oil and petrochemicals.
