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RSGT announces The Public Investment Fund and COSCO SHIPPING Ports Limited becoming shareholders

PIF, Cosco Shipping Ports take stake in RSGT

PIF, Cosco Shipping Ports take stake in RSGT JEDDAH, January 27, 2021 The founding shareholders of Red Sea Gateway Terminal Limited (RSGT), a privately-owned independent terminal operating company, have signed separate share purchase agreements with the Public Investment Fund (PIF) and with Cosco Shipping Ports Limited (CSPL) through its wholly-owned subsidiary Sound Joyce Enterprises Limited, for the sale of 40% equity interest in RSGT (with 20% each).   The total sale consideration is SAR1,050 million / $280 million. The two transactions imply an enterprise value for RSGT of SAR3,300 million / $880 million, said a statement.   The completion of both transactions is subject to the approval of the Saudi Arabian Ports Authority (Mawani), as well as other customary approvals, it said.

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