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AD Ports to invest $140 million in Egyptian maritime firms
Posted on July 11, 2022 |
- AD Ports Group reached an agreement to acquire a 70% equity stake in International Associated Cargo Carrier B.V. which owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International S.A.E. (TCI).
- The total purchase was AED 514 million ($140 million) and will be funded from AD Ports Group’s existing cash reserves, which are over AED3 billion ($816 million) as of 31 March 2022.
- It is the first overseas acquisition in the company’s history which will achieve growth targets for North Africa and the Gulf region and broaden the portfolio of services in those markets.
- Transmar is a regional container shipping company, operating across the Middle East, the Red Sea, Arabian Gulf, and the Eastern Coast of Africa.
- TCI, a terminal operator and stevedoring company, mainly operates out of the Adabiya Port, and in 2021, TCI handled 92,000 TEU and 1.2 million tonnes of bulk cargo.