Kuwait’s GIC invests $100m in UAE-based logistics firm Tristar

UAE-based logistics company Tristar Group has sold an equity stake to Kuwait-based Gulf Investment Corporation (GIC) by issuing $100m worth of new shares to GIC, it announced on Wednesday.

The proceeds will be used by Tristar to expand its business, it said in a statement.

Following the latest investment, Tristar will be jointly owned by Kuwait’s Agility, GIC and the founder and CEO of the Tristar Group, Eugene Mayne.

It will be operated under a new company structure in DIFC with the name Tristar Holdings Limited. All Tristar activities will be held under DIFC holding.

Under the terms of the agreement, Mayne will continue to serve as group CEO.

A liquid logistics solutions provider, Tristar offers services to the downstream petroleum industry, both in the region and globally.

The company has interests in surface transport, specialised warehousing, fuel farm management, turnkey fuel operations, plane aviation fuel services, chemicals and ship owning.

The group owns a fleet of 22 ships, has operations in 16 countries and employees more than 1,800 people.

Tristar is “on target” to close 2017 with EBITDA (earnings before interest, tax, depreciation and amortisation) of approximately $100m, it said in the statement.