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Thu 5 Dec 2019 03:02 PM

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Tristar Group CEO Eugene Mayne cools IPO speculation

Eugene Mayne says IPO will happen but no details ready to be announced

Tristar Group CEO Eugene Mayne cools IPO speculation

Eugene Mayne, CEO of Tristar Group, said it’s still “a bit early”, despite earlier suggestions that an IPO could be launched in the next three to five years.

Middle East logistics firm Tristar Group is still to decide on the date and details of a proposed initial public offering (IPO).

It was reported earlier this year that the Dubai-based company was seeking a valuation of more than $1 billion in a share sale that could raise as much as $400 million.

However, Eugene Mayne, CEO of Tristar Group, told Arabian Business that it’s still “a bit early”, despite earlier suggestions that an IPO could be launched in the next three to five years.

“There has been talk but there is no firm decision on timing or anything else. It’s under process and we don’t have anything firm to give to anyone in the market,” Mayne said.

“It’s something when we decide then we’ll be very happy to make an announcement, but at this moment I think it’s a bit premature for me to say anything.”

The previous report by Bloomberg quoted “people familiar with the matter” in saying that the Tristar Group had selected Bank of America and Citigroup to advise on the IPO in London.

But Mayne stressed there is still work to be done. “We are preparing the company, there is no doubt about that. It’s a long, drawn-out process, but it helps us to build up the company and build up our own standards and governance,” he said. “As a company we want to do these things. It’s a dual approach of being prepared and also upscaling our own business and our controls, our procedures, governance and standards.”

Tristar, a subsidiary of Kuwaiti logistics firm Agility Public Warehousing, is headquartered in Jebel Ali Industrial Area and operates in 20 countries. It provides transportation and storage services for the petroleum and chemicals industries to customers including Abu Dhabi National Oil Co., Total SA and Dow Inc.

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