17 Mar 2013
Global Ports Holding (GPH or the Company), 100% subsidiary of Global Investment Holdings, is currently the operator of three leading commercial and cruise ports in Turkey. The Company announced that it has been communicated, by the Tender Commission, the result of the tender for the Port of Bar, which was held by the Ministry of Maritime Transportation of Montenegro. GPH has been selected as the preferred bidder for the tender to operate, finance and repair the Port of Bar for a period of 30 years and is now invited to the process of contract negotiation.
The Port of Bar has a current maximum capacity of 1mnTEUs container and 6mn tons of general cargo; however, due to the lack of proper highway, underutilization of the railway network and insufficient infrastructure, the port is currently not being used to its full potential. Port of Bar used to be the main port of the Federal Republic of ex-Yugoslavia, and as such GPH’s initial plan is to attract back the trade traffic of Serbia, Kosovo, Albania, Macedonia and Bulgaria. The port will then have the chance to replicate the success of the past years and continue
growing in the region.
GPH as the preferred bidder for the tender to acquired the unlisted 62.09% of the Port of Bar for 30 years with the the rest of the shares remaining in public trading.