April 24 - Three Lines Shipping (TLS), a UAE-based transportation and logistics company, has confirmed reports that it is looking for an investor to help boost its regional expansion and grow its brand.
The company's ceo Rafeeq KK confirmed that an investment of between USD15-20 million is expected for a majority stake depending on the type of investor.
TLS said it is looking for an investor with good understanding of the business and practices in the logistics and transportation sector.
The company added that it has been approached by private equity firms but no deal has been agreed so far.
TLS, which employs 150 employees and operates in five Middle East Gulf countries, is owned by a group of investors that is looking at Saudi Arabia as a geographical expansion along with key investments in improving its asset bases and business capabilities.