EBRD acquires a stake in Global Ports Holding
Global Ports Holding (“Global Ports”), a 100% subsidiary of Global Investment Holdings (“GIH”), and European Bank of Reconstruction and Development (“EBRD”), have executed a Subscription Agreement and additional agreements regarding the transfer of the shares corresponding to 10.84% of the increased capital of Global Ports, which will be issued by increasing its existing capital from TRY 66.253.100,- to TRY 74.307.399.
The proceeds will be used to finance Global Ports’ future investments in ports and growth strategies in the countries where the EBRD invests. Global Ports’ expansion abroad will promote integration among ports, and create network synergies as well as helping to further consolidate the company’s position in the international market. Saygın Narin, CEO of Global Ports Holding, stated: “Global Ports Holding is the world’s largest cruise port operator with an established presence in the Mediterranean and Asia Pacific region, and we continue to further build on our dominant position. I see our partnership with the EBRD as an important milestone to further enhance our undisputed leadership in the Mediterranean.”
As a shareholder, the EBRD will nominate a member for the board of Global Ports and will help further advance the company’s corporate governance, making it more competitive both in Turkey and abroad.
Mehmet Kutman, Chairman of Global Ports Holding, said: “I am honored to follow the footsteps of the founder of GPH, Gregory M. Kiez, by welcoming the EBRD as our partner, which will support our expansion plan especially in the cruise port arena, where our company is the leading operator worldwide.”
An international listing is planned at Global Ports’ level for 2016-18, which is expected to deepen capital market development in the Turkish port and infrastructure sectors, paving the way for other infrastructure companies in the country to list their shares.
Sue Barrett, EBRD Director for Transport, said: “We are pleased to provide an important funding boost to Global Ports as it seeks to expand and broaden its horizons along the Mediterranean before a landmark listing.”
Completion of the share transfer is subject to fulfillment of the necessary consents and conditions that are stated under the aforementioned agreements. Subscription price and details will be announced on the day of finalization of the share transfer.