GIC invests US$ 100 million in UAE-based Tristar Group

GIC invests US$ 100 million in UAE-based Tristar Group
Tristar Group CEO Eugene Mayne(center) with (left to right) Fadi Twainy, Division Head at GIC; Tareq Al Mulla, VP at GIC; Ihab Fekry Aziz Bassilios, Chief Financial Officer at Agility; and Suresh Poddar, Director at GIC.
Published: 9 November 2017 - 1:36 a.m.
By: ASC Staff

UAE-based Tristar Group has sold an equity stake to Kuwait-based Gulf Investment Corporation (GIC) by issuing US$ 100 million worth of fresh shares to GIC.

The proceeds will be used for the expansion of the Tristar business.

Because of GIC’s investment in Tristar, the company will be owned by Agility, GIC and the founder and chief executive of the Tristar Group, Eugene Mayne.

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

Under the terms of the agreement, Mayne will continue to lead Tristar Holdings as group CEO.

The fresh capital will be used for the growth and future expansion of Tristar. The Tristar Group is on target to close 2017 with approximately EBITDA of US$ 100 million.

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