UAE-based Tristar Group has announced the sale of an equity stake to Kuwait-based Gulf Investment Corporation (GIC) by issuing $100 million worth of fresh shares.
The proceeds will be used for the expansion of the Tristar business, the shipping company said in a statement.
Following GIC’s investment in Tristar, the company will be owned by Agility, GIC and the founder and chief executive of the Tristar Group, Eugene Mayne, the statement added.
Tristar will be operated under a new company structure in DIFC with the name Tristar Holdings Limited.
Under the terms of the agreement, Mayne will continue to lead Tristar Holdings as Group CEO.
The Tristar Group said it is on target to close 2017 with approximately EBITDA of $100 million.
UAE-based Tristar is a liquid logistics solutions provider that offers services to cater to the needs of the downstream petroleum industry, both in the region and globally.
The group owns a fleet of 22 ships, has operations in 16 countries and employees more than 1,800 people.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.