{"id":1263,"date":"2022-07-07T16:20:39","date_gmt":"2022-07-07T08:20:39","guid":{"rendered":"http:\/\/www.hajomech.com\/ad-ports-group-invests-140-million-to-egyptian-maritime-firms\/"},"modified":"2022-07-07T16:20:39","modified_gmt":"2022-07-07T08:20:39","slug":"ad-ports-group-invests-140-million-to-egyptian-maritime-firms","status":"publish","type":"post","link":"http:\/\/www.hajomech.com\/ad-ports-group-invests-140-million-to-egyptian-maritime-firms\/","title":{"rendered":"AD Ports Group invests $140 million to Egyptian maritime firms"},"content":{"rendered":"
\n

AD Ports Group has reached an agreement to acquire a 70 per cent <\/p>\n

equity stake in International Associated Cargo Carrier B.V. \u2013 which wholly owns <\/p>\n

two Egypt-based maritime companies, Transmar International Shipping Company and <\/p>\n

Transcargo International S.A.E. (TCI).<\/strong><\/p>\n

\"AD<\/strong><\/p>\n

The total purchase consideration of this transaction amounts to AED514 <\/p>\n

million ($140 million). The acquisition will be fully funded from AD Ports <\/p>\n

Group's existing cash reserves, which stood at over AED3 billion ($816 million) <\/p>\n

as of 31 March 2022.<\/p>\n

<\/p>\n

This is the first international acquisition realised by AD Ports Group.<\/p>\n

<\/p>\n

AD Ports Group noted that the acquisitions will provide with a <\/p>\n

market-leading platform for further growth opportunities in Egypt, as well as in <\/p>\n

the entire Red Sea and Gulf regions.<\/p>\n

<\/p>\n

\u201cThis is the first overseas acquisition in the company's history and an <\/p>\n

important milestone in our ambitious international expansion plan,\u201d said Falah <\/p>\n

Mohammed Al Ahbabi, Chairman of AD Ports Group.<\/p>\n

<\/p>\n

\u201cThis acquisition will support our wider growth targets for North Africa <\/p>\n

and the Gulf region and broaden the portfolio of services we are able to offer <\/p>\n

in those markets.<\/p>\n

<\/p>\n

Transmar is a regional container shipping company that operates across the <\/p>\n

Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. In 2021, <\/p>\n

Transmar handled 109,000 TEU.<\/p>\n

<\/p>\n

TCI is a terminal operator and stevedoring company, mainly operating out of <\/p>\n

the Adabiya Port. In 2021, TCI handled 92,000 TEU and 1.2 million tonnes of bulk <\/p>\n

cargo.<\/p>\n

<\/p>\n

Together, Transmar and TCI reported LTM revenue and EBITDA of AED325 <\/p>\n

million ($88 million) and AED108 million ($29 million) respectively.<\/p>\n

<\/p>\n

\u201cThe acquisition of Transmar and TCI, which both have strong regional <\/p>\n

presences and deep client relationships, is another key step in increasing our <\/p>\n

geographical footprint and bringing the benefits of our integrated portfolio of <\/p>\n

services to more customers,\u201d added Captain Mohamed Juma Al Shamisi, Managing <\/p>\n

Director and Group CEO, AD Ports Group.<\/p>\n

<\/p>\n

\u201cEgypt and the Red Sea coast are increasingly important parts of our global <\/p>\n

maritime offering, and we believe we are well-placed, thanks to the guidance and <\/p>\n

continuous support of our wise leadership, to boost trade and economic growth <\/p>\n

for customers and communities along these routes.\u201d<\/p>\n

<\/p>\n

This deal is the latest in a series by AD Ports Group in the Egyptian <\/p>\n

maritime industry, following the agreement with the Egyptian Group for <\/p>\n

Multipurpose Terminals for the joint development and operation of Egypt's Ain <\/p>\n

Sokhna Port.<\/p>\n

<\/p>\n

From:PTI<\/span><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

AD Ports Group has reached an agreement to acquire a 70 per cent equity stake in International Associated Cargo Carrier B.V. \u2013 which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International S.A.E. (TCI).The total purchase consideration …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"hj_lang":[3],"class_list":["post-1263","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts\/1263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/comments?post=1263"}],"version-history":[{"count":0,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts\/1263\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/media?parent=1263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/categories?post=1263"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/tags?post=1263"},{"taxonomy":"hj_lang","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/hj_lang?post=1263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}