Friday, June 25, 2021

News – USA – Dubai’s Tristar drops IPO plan

Dubai-based logistics company Tristar has dropped plans to place its company in the Dubai financial market

The listing, which would have been the first major public offering since Emaar Development went public in November 2017, is being withdrawn because “shareholders’ expectations have not been met,” the company said in a statement

“The Board of Directors and existing shareholders believe that higher returns can be achieved by implementing Tristar’s current growth strategy within the established shareholder structure”

Founded in 1998 as a road haulage company, the company has grown into a storage and distribution company that works with major oil companies, looking to raise up to $ 160 million in primary revenue from the Float Existing Shareholders Agility (the 65th owns 12 percent of the company), Gulf Investment Corporation (1961 percent), and an investment vehicle owned by founder and chairman Eugene Mayne (1,527 percent) also planned to sell shares through a secondary offering

Earlier this month the company announced an indicative price range of Dh220-Dh270 for the shares, suggesting a market capitalization of Dh264 billion – Dh324 billion USD (719 million USD – 882 million USD) for the company

Tristar has a fleet of more than 2000 trucks and 35 ocean-going vessels The company operates 69 petrol stations and more than 100 remote locations in 21 countries

The company had earnings before interest, taxes, depreciation and amortization of $ 1036 million last year on sales of $ 453 million by 2020

It was planned to use part of the proceeds to repay approximately USD 536 million Debt to related parties

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Dubai, IPO, Tristar Group, Stock, Logistics

Source: https://www.thenationalnews.com/business/markets/dubai-s-tristar-drops-ipo-plan-1.1203807

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