COSCO Ports takes stake in Saudi Arabian terminal January 29, 2021, by Naida Hakirevic
China’s COSCO Shipping Ports (CSPL) has entered into an agreement with the founding shareholders of Saudi Arabia’s Red Sea Gateway Terminal Limited (RSGT) to acquire a 20 per cent stake in the terminal which is located at Jeddah Islamic Port.
Sound Joyce Enterprises Limited, a subsidiary of CSPL, bought the stake for $140 million.
The Jeddah Islamic Port is strategically located in the Red Sea region and is close to the major shipping routes. It has a wide coverage of container market in the Middle East and East Africa. The acquisition is in line with COSCO’s globalisation strategy, the company said.
PIF and COSCO Shipping Ports Limited Gets Exposure to Red Sea Gateway Terminal swfinstitute.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swfinstitute.org Daily Mail and Mail on Sunday newspapers.
Cosco Shipping Ports take stake in RSGT
The Board is pleased to announce that on 27 January 2021, the Sellers, Sound Joyce (a whollyowned subsidiary of the Company) and Red Sea Ports entered into the Share Purchase Agreement pursuant to which, the Sellers have conditionally agreed to sell, and Sound Joyce has conditionally agreed to purchase, the Sale Shares (which represent approximately 20.00% of the total issued share capital of RSGT as at the date of this announcement) at a total consideration of US$140,000,000. Upon Completion,
(i) and, if applicable, the completion of the Proposed PIF Acquisition, RSGT will be owned as to approximately 60.00% by Red Sea Ports, 20.00% by Sound Joyce and 20.00% by PIF, respectively. In order to regulate the management and operation of RSGT, Red Sea Ports, Sound Joyce, PIF and RSGT propose to enter into the Shareholders Agreement;
Talks to feature Rohingya issue, job, investment
The visit of Saudi foreign minister Prince Faisal bin Farhan Al-Saud to Dhaka in January is likely to focus on documentation of displaced Rohingyas from Myanmar living in the Kingdom of Saudi Arabia, potential Saudi investment in Bangladesh and employment of more Bangladeshi workers there.
Foreign minister AK Abdul Momen has invited his Saudi counterpart to Bangladesh and the visit is likely to take place in the second half of January, Bangladesh embassy officials in Riyadh said.
Bangladesh has proposed to host the Saudi foreign minister on January 24–26, but there may be minor adjustments to the date, said a Saudi embassy official in Dhaka.
Red Sea Gateway Terminal wins Sustainability Award saudigazette.com.sa - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saudigazette.com.sa Daily Mail and Mail on Sunday newspapers.