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Fri 21 Apr 2017 10:09 AM

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UAE shipping firm chases $20m for expansion plan

Three Lines Shipping CEO says seeking investor to boost regional expansion and grow its brand

UAE shipping firm chases $20m for expansion plan
Image for illustrative purpose only. (Atta Kenare/AFP/Getty Images)

Three Lines Shipping, a UAE-based transportation and logistics company, is looking for an investor to help boost its regional expansion and grow its brand, CEO Rafeeq KK has said.

An investment of between $15-20 million is expected for a majority stake depending on the type of investor, he said in a statement.

TLS said it is looking for an investor with good understanding of the business and practices in the logistics and transportation sector.

The company added that it has been approached by private equity firms but no deal has been agreed so far.

TLS, which employs 150 employees and operates in five Gulf countries, is owned by a group of investors that is looking at Saudi Arabia as a geographical expansion along with key investments in improving its asset bases and business capabilities, the statement added.

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