[ad_1]
AD Ports Group in the United Arab Emirates announced today that it has reached an agreement to acquire a 70% stake in an Egyptian container shipping company, WAM report.
The total purchase price for the transaction is AED 514 million (US$ 140 million). The acquisition, which will be fully funded by AD Ports Group’s existing cash reserves, is the first international acquisition by the UAE group.
International Associated Cargo Carrier BV 70% wholly owns two Egyptian shipping companies, Transmar International Shipping Company and Transcargo International SAE (TCI), and UAE operations will expand into the Middle East, Red Sea, Arabian Gulf and East Coast, and Egypt’s larger increase.
The El Ahwal family and its executive team will continue to manage the company, the statement said.
Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “This is the first overseas acquisition in AD Ports Group’s history and an important milestone in our ambitious international expansion plans. This acquisition will support our presence in North Africa and the Gulf region. Achieving a broader target region for growth and expanding the portfolio of services we can offer in these markets.”
“Under the vision and guidance of our wise leadership, AD Ports Group continues to diversify and take bold steps to expand our global reach. We look forward to partnering with these two new businesses in Egypt and incorporating them into the AD Ports Group family.”
The acquisition adds to the UAE’s support and investment in Egypt’s economy, which has been hit hard by the coronavirus pandemic and government corruption and mismanagement.
read: Saudi writer says Egypt is ‘on the verge of bankruptcy’ and should fix its own problems
[ad_2]
Source link
