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13 April, 2015
Global Liman İşletmeleri A.Ş. announces its intention to list on Borsa Istanbul
Global Liman İşletmeleri A.Ş. ("Global Ports Holding" or "GPH") today announces its intention to proceed with an initial public offering (the "Offering") of its ordinary shares to be listed on Borsa Istanbul. The Offering consists of 32,746,900 offer shares, of which 23,746,900 are new shares being offered by GPH (increasing the total number of shares issued to 90,000,000), and 9,000,000 existing shares being offered by Global Yatırım Holding A.Ş. (“GIH”), the parent company of Global Ports Holding, with an expected free-float of at least 36.39% of the total issued share capital of GPH. GIH may also sell additional shares in an amount not exceeding 15% of the original number of shares offered for the purpose of covering over-allotment . The shares will be offered in retail and institutional offerings in Turkey and to institutional investors internationally.
BofA Merrill Lynch and Citigroup Global Markets Limited are acting as Joint Global Co-ordinators and Joint Bookrunners, AK Yatırım Menkul Deǧerler A.Ş., Garanti Yatırım Menkul Kiymetler A.Ş., and İş Yatırım Menkul Değerler A.Ş are acting as Domestic Bookrunners in Turkey and Renaissance Capital Limited and Ünlü Menkul Değerler A.Ş. are acting as Co-Lead Managers. Legal advisers include Cleary Gottlieb Steen & Hamilton LLP and Paksoy for the Joint-Global Coordinators, and Baker McKenzie LLP and Esin Attorney Partnership, a member firm of Baker & McKenzie for GPH. Unlu Menkul Değerler A.Ş. also acts as Advisor to GIH during the transaction.
Saygin Narin, CEO of GPH commented: “Global Ports Holding is the world’s largest cruise port operator with an established presence in the Mediterranean and Asia Pacific region. We continue to further build on our dominant position and this IPO is the next step in our strategy, which we trust will create further value for all of our current and prospective shareholders, customers, communities and other stakeholders. We look forward to building on our success to date as we leverage opportunities both in our current markets and new markets globally.”
Commenting on the Offering, Global Ports Chairman and CEO of GIH, Mehmet Kutman said:
"Since founding Global Ports in 2004, we had the vision of building a company in a segment that no one has thought of as a business opportunity, a segment which was and still is heavily fragmented and in need of consolidation; a company with a straightforward and transparent approach to doing business; a company where each and every one of the team is as valued as the founder."
"As a result, we have focused on building the business into a leading ports company in Turkey first and now globally. Today, Global Ports boasts a portfolio of leading ports with strong market positions in the Mediterranean and Asia Pacific region- all led by a well-rounded, internationally experienced management team. Global Ports has achieved robust historical growth, both organically and inorganically. We have paved the way for further growth in the cruise port business and look forward to our next stage of growth as a public company."
Overview of Global Ports Holding
GPH (together with its consolidated subsidiaries Ortadoğu Antalya Liman İşletmeleri A.Ş., Ege Liman İşletmeleri A.Ş., Bodrum Yolcu Limanı İşletmeleri A.Ş., Container Terminal and General Cargo JSC-Bar and Barcelona Port Investments SL (the “Group”)) is the world’s largest cruise port operator, by number of ports owned and by passenger volume, with a diversified portfolio of eight ports in five different countries. The Group’s business includes cruise port operations (serving cruise liners, ferries, yachts and mega-yachts) as well as commercial port operations (specializing in container, bulk and general cargo handling). The Group operates one mixed-use commercial and cruise port on Turkey’s Mediterranean coast and a commercial port in Montenegro, as well as a Mediterranean cruise network with a cruise port in Barcelona, two cruise ports on Turkey’s Aegean coast, a cruise port in Málaga, an Atlantic cruise port in Lisbon and a cruise port in Singapore.
GPH is the sole global cruise ports consolidator operating the world's largest cruise port network with a presence in Europe and Asia: initially established in Turkey, GPH has expanded to become the only operator of multiple cruise ports across the Mediterranean, placing GPH in a unique position to provide attractive pricing models across its portfolio of ports . GPH management also believes that expansion will provide additional opportunities for value added cross-selling of port activities. GPH intends to apply the net proceeds of the Offering of the new shares to continue its expansion, in particular in the global cruise port sector, with carefully selected acquisitions designed to complement its existing network of ports in the Mediterranean. GPH is currently engaged in, or actively considering acquisitions and concession tenders at:
- the Cruise Port of Dubrovnik, Croatia;
- Valletta Cruise Port, Malta;
- Venice Cruise Port, and four other cruise ports in Italy;
- Cruise and ferry passenger terminal and a container port in Riga, Latvia;
- Cruise Port Livorno, Italy,
- La Goulette Cruise Port, Tunisia;
- Balearic Islands Cruise Ports, Spain;
- Tertir, Portugal, and
- Asian cruise ports, to benefit from the high-growth potential of the cruise industry in this region.
GPH has a highly experienced management team with a strong track record of effectively managing ongoing operational enhancements and driving expansion. GPH’s executive management team has a long-term commitment to the maritime sector, with a total of 80 years of combined experience in the sector and a history of acquiring and managing port assets. Superior revenue growth has been achieved since the establishment of GPH, with revenues rising from $5m (in 2004) to $111m in 2014 (on a pro-forma basis). GPH posted a strong increase in EBITDA from $45m in 2012 to $70m in 2014 (on a pro-forma basis). In addition to operating ports, GPH management has a strong track record of identifying acquisition targets. The management team has successfully executed a number of recent acquisitions and has extensive experience of integrating these operations into the portfolio.
GPH also hereby announces that it has published its Annual Financial Statements for the year ended 31 December 2014 and that they are available for inspection on its website.
Aslı Su Ata
Rıhtım Caddesi No. 51
Karaköy - 34425 İstanbul Turkey
Tel: +90 (212) 244 4440
Fax: +90 (212) 244 6047
This announcement has been prepared by and is the sole responsibility of the Company.
The information contained in this announcement is for background purposes only and does not purport