The UAE-based Tristar Group has confirmed that it plans to list the company, possibly within the next three to five years, following the sale of an equity stake to Kuwait-based Gulf Investment Corporation (GIC). This involved the issuing of US $100 million in new shares, which valued the company at around US$ 500 million overall.
Reports indicate that GIC now controls around 20% of Tristar equity, with another Kuwaiti company, Agility, remaining as the majority shareholder. Company founder, Eugene Mayne, is also a minority shareholder in the venture. Having GIC as a major strategic partner is considered a key step towards seeking a listing in the medium term.
The money raised by the recent share sale is expected to be used to invest in further expanding and upgrading Tristar’s shipping operations.