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Cosco Shipping Ports (Tianjin), a wholly-owned subsidiary of Cosco Shipping Ports, entered into the equity transfer agreement with Tianjin Port Holdings to acquire an additional 34.99% equity interest Tianjin Port Container Terminal (TCT).
Located in the Beijing-Tianjin-Hebei Economic Circle, TCT enjoys favorable geographical advantage and is highly competitive in the Bohai Rim area.
CSP said that the acquisition was in line with the company’s strategic planning, and it will further enhance the group’s synergy with the Ocean Alliance and continue to strengthen the group’s leading position in the Greater China region.
Upon the completion of the transaction, Cosco Shipping Ports (Tianjin) will hold a 45% equity interest in TCT, and TCT will become a subsidiary of the company.
RIYADH: Saudi Arabia’s Public Investment Fund (PIF) has bought a 20 percent equity stake in the Red Sea Gateway Terminal Limited (RSGT) company, a privately owned independent terminal operator.
The deal was approved by RSGT’s founding shareholders and handled through Sound Joyce Enterprises Limited, a wholly owned subsidiary of PIF.
RGST also signed a second agreement for Cosco Shipping Ports Limited to buy a 20 percent stake.
The total value of the deals was $280 million, which gives RSGT a value of around $880 million. The transactions will require approval from the Saudi Arabian Ports Authority.
“As the largest terminal operator on the Red Sea and in Saudi Arabia, we are committed to serving the growing requirements of international cargo and container services throughout the global logistics chain and to fulfilling our customers’ needs and the goals of Saudi Arabia’s Vision 2030 program for infrastructure and port development,” said RSGT’s CEO Jens O. Floe.
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.
Abu Dhabi Ports achieves targets despite challenges
ABU DHABI, December 31, 2020 In facing the extraordinary challenge of a once in a generation pandemic, Abu Dhabi Ports has weathered 2020 particularly well, continuing to grow and expand its overall capacity and capabilities and emerge stronger than ever before. With the advent of Covid-19, the company successfully raised its profile worldwide as a responsible player in the trade and logistics sector with the Horns of Hope campaign. This innovative initiative reached more than 260 million people in over 23 countries and involved leading global and regional organisations, such as the International Maritime Organisation and the Arab Sea Ports Federation.