Abu Dhabi Ports Group acquires majority stakes in Egyptian maritime companies in $140m deal
The Abu Dhabi Ports Group has reached a $140 million agreement to acquire majority stakes in two Egyptian maritime companies.
The integrated trade enabling group agreed a 70 percent equity stake of the International Associated Cargo Carrier, which wholly owns Egypt-based companies - with “strong regional presences” - Transmar and Transcargo International (TCI).
The deal is the ports group’s first international expansion to be realised, and will be fully funded from AD Ports Group’s existing cash reserves, according to a statement released by the group on Friday.
“This is… an important milestone in our ambitious international expansion plan. This acquisition will support our wider growth targets for North Africa and the Gulf region and broaden the portfolio of services we are able to offer in those markets,” Falah Mohammed Al Ahbabi, Chairman of AD Ports Group said.
توصّلنا إلى اتفاق للاستحواذ على 70% من حصص الشركة التابعة الدولية لنقل البضائع المالكة بالكامل لشركتي ترانسمار الدولية للنقل البحري ("ترانسمار")، و"ترانسكارجو الدولية" ("تي سي آي")، اللتين تتخذان من مصر مقراً لهما. pic.twitter.com/UJ1zGH0HQs— AD Ports Group (@ADPortsGroup) July 1, 2022
“Egypt and the Red Sea coast are increasingly important parts of our global maritime offering, and we believe we are well-placed… to boost trade and economic growth for customers and communities along these routes” Captain Mohamed Juma Al Shamisi, Managing Director and CEO of the Ports Group added.
Transmar is a container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and eastern coast of Africa.
TCI is a stevedoring company with two lines of business – being container and bulk cargo services - mainly operating out of the Adabiya Port, where it is the exclusive container operator.
As part of the deals, KPMG LG acted as the financial advisor to the AD Ports Group, as PwC acted as the commercial advisor and Matouk Bassiouny and Hennawy acted as the legal advisor.
The ports group is owned by ADQ, one of the region’s largest holding companies and a strategic partner of the government.