01 Jan 2013
22.114% of Global Ports Holding, Turkey's leading port operator, was sold to VEI Capital SPA (“VEI Capital”) in July 2011. Today Global Investment Holdings reacquired these shares and consequently became the sole owner of the company at 100%.
As per the announcement made by GIH, the price of the shares totaled USD 91.7 mn, paid in cash and excluding accrued dividend. Mr. Kerem Eser, CFO of GIH, said: "We once again became the 100% shareholder of Global Ports. Considering the major improvements in the macro-economic fundamentals of Turkey, and the subsequent increase in investor interest, especially in the infrastructure sector this transaction will have a positive effect on the profitability of the Group. Furthermore, Global Ports has created the necessary background for future inorganic growth.”
Mr. Saygın Narin, The CEO of Global Ports, made an announcement regarding the transaction, and said: "GIH became 100% shareholder of Global Ports. Having a strong shareholding structure is surely important for our goals of inorganic growth by entering new ports projects. That being said, today as Global Ports we are the only port operator in Turkey, operating three important ports in cruise and commerce segments with Port of Akdeniz, Ege Ports and Bodrum Cruise Port.
We recorded 83% growth in our ports from 2009 to 2012. I would like to point out that we achieved this growth in a time of global recession and shrinking economies in countries we do business with, and this growth is much higher than the economic growth Turkey has successfully achieved in the same period."
Mr. Narin also stated: “We have plans to add overseas ports to our portfolio. In this context, there are a number of ports in the Mediterranean basin, particularly in Greece, which the Company is following closely, not to mention destinations in Adriatic, Africa and Central America. Domestically, in 2013 the Group is very much interested in the privatization tenders of Derince and Galata Ports, in partnership with potential foreign and domestic partners.”