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UAE's Tristar Transport to withdraw from planned IPO on DFM

UAE's Tristar Transport to withdraw from planned IPO on DFM
Board says greater returns can be achieved from the current growth strategy
AGLTY
AGLTY
-1.73% 1,078.00 -19.00

Mubasher: The board and shareholders of the UAE-based Tristar Transport, a 65.12%-owned subsidiary of Agility Public Warehousing, have decided to withdraw from the planned initial public offerings (IPO) on the Dubai Financial Market (DFM).

This decision was made as the expectations of Tristar's shareholders have not been met, according to a bourse filing on Thursday.

Tristar's board and shareholders believed that greater returns can be achieved from implementing Tristar's current growth strategy.

Noteworthy to mention that in March 2021, Agility announced that Tristar Transport plans to proceed with an IPO on the DFM, expecting to receive between $120 million and $160 million of gross primary proceeds from the offering.