A vote of confidence in a strong player taking up new markets...
In accordance with our disclosure dated 10.11.2015, the transaction regarding allocation of the issued shares corresponding to 10.84% of the increased capital of Global Ports Holding (“Global Ports or GPH”), by increasing Global Ports’ existing capital from TRY 66,253,100 to TRY 74,307,399 in the name of European Bank of Reconstruction and Development (“EBRD”), has been finalized today.
As a result of this allocation, EBRD becomes the owner of 10.84% of Global Ports’ new share capital, through a payment of EUR 53.400.000, which values 100% of Global Ports at c.EUR 493mn. Accordingly, Global Investment Holdings’ stake in Global Ports decreased from 100% to 89.16%. TRY 8,054,299 of the aforementioned EUR 53,400,000 is the subscription price to the increased capital of Global Ports, and the rest of the amount is share premium.
The transaction aims at boosting the company’s operations and signals a vote of confidence in a strong fast-growing player. The proceeds of the Bank’s investment will be used to finance the company’s future investments in ports in countries where the EBRD invests. Global Ports’ expansion abroad will promote integration among ports and create network synergies. It will also help to further consolidate the company’s position in the international market.
As a shareholder, the EBRD has nominated its Managing Director for Infrastructure Thomas Maier as a member for the board of Global Ports. Thomas Maier, who represents the Bank on boards of several investees companies, will help further advance the company’s corporate governance, making it more competitive both in Turkey and abroad.
Upon his appointment Mr Maier said: “Our financing is an important boost for Global Ports as it seeks to expand and broaden its horizons along the Mediterranean before a landmark listing. As a shareholder, we will work side by side with Global Investment Holdings to make this strong international player even stronger.”
An international listing of Global Ports’ shares is planned for 2016-18 period. The lkisting is expected to pave the way especially for Turkish port and infrastructure sectors.
Mehmet Kutman, Chairman of Global Ports, said: “Welcoming the EBRD as our partner, I am honoured to follow the footsteps of Gregory M. Kiez, the founder of GPH. I believe, our partnership with the EBRD will speed up further growth of Global Ports, being a major milestone to further enhance our undisputed leadership in the Mediterranean”