Dubai – Mubasher: Tristar Group on Wednesday announced selling $100 million worth of shares to Kuwait’s Gulf Investment Corporation (GIC).
The deal aims to promote Tristar’s expansion and growth in the future, according to a company statement.
Under the current deal, Kuwait’s Agility, GIC, and the UAE-based group's founder and CEO Eugene Mayne will jointly own Tristar Group, the company revealed.
The Group noted that its earnings before interest, tax, depreciation, and amortisation (EBITDA) are projected to reach around $100 million by the end of 2017.
Tristar Group will be operated within a new structure in the Dubai International Financial Centre (DIFC), under the name Tristar Holdings Limited.
According to the new agreement, all of the company’s activities will be organised by the DIFC holding, while Mayne will maintain his position as the group’s CEO, Tristar Group concluded.
With a fleet of 22 ships and over 1,800 employees, Tristar provides petroleum services regionally and globally, in addition to road transporting.