A subsidiary of Kuwait and Dubai-listed Agility Logistics is acquiring all shares of Abu Dhabi-headquartered Emirates Ships Company (Eships) for $90m, according to a filing disclosed with the Dubai Financial market (DFM) on 11 January.
Tristar, Agilitys liquid logistics arm that entered into an agreement with Eships, will be funding the deal through debt and equity. The transaction is expected to be completed in the coming few months, the filing document stated.
Founded in 1996 in Abu Dhabi, Eships is both a ship investment company and operator. Its active fleet includes five product and chemical tankers, two liquid petroleum gas (LPG) and one bare boat chartered vessel. Tristar, for its part, specialises in handling hydrocarbons, lubricants, chemicals and liquid gases.