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.
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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.
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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.