Abu Dhabi, 27 March 2016
Abu Dhabi Islamic Bank ("ADIB"), a leading financial services group, has acted as the exclusive sell side advisor to Egon Oldendorff GmbH & Co. KG ("EOKG"), part of the Oldendorff Group. Oldendorff is one of the world's largest dry-bulk operators, ADIB acted on the full sale of its subsidiary Emirates Ship Investment Company LLC ("Eships"). This deal is the first of its kind for ADIB and is in line with its efforts to become a key player in the Investment Banking market.
Eships is a leading Shipowner and Operator headquartered in Abu Dhabi, U.A.E. It operates a diversified fleet of modern chemical/product and LPG gas tankers.
Eships was acquired by UAE based Tristar Transport LLC ("Tristar"), a subsidiary of Agility Public Warehousing Company KSCP.
ADIB's Investment Banking team advised EOKG on all aspects of the transaction including structuring, valuation and negotiation. In addition, ADIB's syndications and structured finance team helped Tristar in structuring and securing acquisition financing for the transaction. As a part of the transaction, Tristar has acquired all of the Eships vessels comprising chemical/product tankers and LPG tankers.
Arif Usmani, Head of Wholesale Banking at ADIB commented, "ADIB has once again demonstrated its leadership in the marine and shipping businesses based on leveraging its strong track record in structuring and advising on M&A and acquisition finance transactions. This transaction provided a complete solution to both buyer and seller and was led by ADIB's investment banking and syndication & structured finance teams respectively. Our teams were able to use their specialist sector knowledge and deep understanding of M&A advisory and Shari'a compliant finance structures to facilitate the sale of Eships. We are definitely seeing an increase of activity across this sector in the UAE and regionally, and as a result are stepping up our focus on providing tailored corporate finance and advisory solutions to our clients."
Peter Bagh, Chief Operating Officer of Oldendorff Carriers said: "Oldendorff has made a strategic decision to focus on the dry cargo shipping business and is very pleased to have found a good new home for Eships and its employees with Tristar through ADIB."
Aside from ADIB's track record as the region's leading Islamic Financing bookrunner, the bank has a dedicated M&A team that has advised on some of the largest M&A transactions in the MENA region and is currently expanding its franchise through engagement on a number of mandates across a range of industries
ADIB is one of the largest retail banks in the UAE. Its 857,000 customers benefit from a network of nearly 88 branches and more than 785 ATMs, as well as online, mobile and phone banking, providing them access to their accounts 24 hours a day. Named "Best Bank in the UAE" by The Financial Times' The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products. The bank has continuously increased its asset base over the past five years and is continuing to build its presence internationally in countries such as Egypt, in which it has 70 branches, as well as the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.
About Oldendorff Carriers:
Oldendorff Carriers is one of the world's leading drybulk operators, operating 500 bulk carriers from 17 offices around the world. Oldendorff Carriers has recently expanded its office in Dubai with a team of drybulk professionals and also has EOL in Abu Dhabi which provides transshipment and lightering services to industrial customers in the Arabian Gulf.
Eships is an Abu Dhabi based ship-owner operating in international markets to the highest safety standards. At its vessel owning peak, Eships owned 25 vessels playing a leading role in the regional and international dry-bulk and tankering businesses. Since its inception in 1996, the Company has been a leading regional player with a diversified client base of National Oil Companies, Oil Majors and international traders.
Tristar was established in 1998 by its founder & CEO, Mr. Eugene Mayne, as a fully integrated logistics provider based in UAE. Tristar is a subsidiary of Agility and currently operates in 8 business segments, namely road transport, shipping, cryogenics, turnkey fuel solutions, commercial aviation refuelling, fuel farm management, chemical distribution, warehousing & distribution. It currently operates a fleet of 1,000 road tankers across Middle East, Asia and Africa
For media information, please visit www.adib.ae or contact:
Radwa Nasraldin Shehab
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© Press Release 2016