iPhone | iPad
Android
Huawei
Designed with families in mind, the development comprises 21 private, ultra- luxurious villas with uninterrupted sea views, nestled within a secure, gated community.
Business21 hours ago
Enjoy our faster App experience
KT APPDOWNLOAD
Tristar to acquire majority stake in HG Storage International
The UAE-based integrated energy logistics group will spend $215 million to acquire HG Storage International
Eugene Mayne, CEO and founder of Tristar. — File photo
Tristar Transport, an integrated energy logistics group headquartered in the UAE, on Monday announce that it has signed a sale and purchase agreement with Madison Pacific Trust Limited to acquire a 51 per cent stake in HG Storage International Limited (HGSI).
Madison Pacific is selling such stake as holder of a security interest in such stake granted by HNA Innovation Finance Group Co Limited to secure payment under certain notes issued by HNA.
HGSI is a joint venture between HNA and Glencore Group Funding Limited, a wholly-owned subsidiary of Glencore. Glencore is one of the world’s largest globally diversified natural resource companies.
Through this deal, Tristar will acquire a majority holding in a well-diversified portfolio of oil storage, distribution and retail assets owned by HGSI, comprising eight operating assets across four key regions such as Europe, the Americas, Middle East and Africa.
The transaction, valued at $215 million, will add in excess of three million cubic metres of fuel storage capacity to the Tristar portfolio and extend the company’s global presence to 29 countries across the globe.
Following the transaction, Glencore will remain as a key strategic shareholder of HGSI and a joint venture partner to Tristar.
Completion of the deal is expected in the second quarter of 2022 and subject to certain regulatory filings and approvals, and stakeholder consents.
Tristar, which is owned by Kuwaiti logistics company Agility, was advised by Acqua Capital (financial advisor) and Freshfields Bruckhaus Deringer (legal advisor).
Madison Pacific was advised by PricewaterhouseCoopers (financial advisor) and Stephenson Harwood (legal advisor).
— muzaffarrizvi@khaleejtimes.com
More news from Business
The upgraded FPSO will be delivered in the third quarter of 2023 to Brazilian independent oil and gas company Enauta at the offshore Atlanta Field in the Santos Basin.
Business21 hours ago
Turtlemint founded in 2015 — by Dhirendra Mahayavanshi and Anand Prabhudesai — has created a wide network of 225,000+ digital partners.
Business22 hours ago
Netix Controls has achieved up to 50 per cent reduction in OpEx by optimising resources and reducing requirement of skilled labour while avoiding system breakdowns by 80 per cent in old buildings.
Business1 day ago
Retention SaaS leader WebEngage’s Trends & Insights Report 2022, named “Cross Channel User Engagement – A Winner’s Playbook”, sheds light on some of the best-kept secrets in contemporary user engagement and customer retention strategies in the Mena
Business1 day ago
In Q2 2022 as of May 1, 491,000 addresses have transacted with NFTs, putting the NFT market on pace to continue its quarterly growth trend in a number of participants.
Business1 day ago
The new member companies joining Dubai Chamber of Commerce in April 2022 reached 3,056, bringing the chamber’s total membership to 300,000 companies making it the largest chambers of commerce in the world
Business1 day ago
The TV audiences for the 2018 World Cup in Russia was a record-breaking 3.5 billion people
Business1 day ago