Abu Dhabi Ports acquires majority stake in Transmar and Transcargo. in Egypt
Saturday – 3 Dhu al-Hijjah 1443 AH – 2 July 2022 AD Edition No. [
The deal was part of the Abu Dhabi Ports Group (WAM)’s ambitious plans to expand.
Abu Dhabi: «Middle East»
Abu Dhabi Ports Group has announced that it has reached an agreement to acquire 70% of the shares of the International Cargo Subsidiary Company, which is wholly owned by the two companies, “Transmar International Shipping” (Transmar) and “Transcargo International” (TCI), who are based in Egypt.
The total value of the deal was 514 million dirhams ($140 million), which will be fully financed on March 31 from the group’s cash reserves, which amounted to three billion dirhams ($816 million), as this deal is the first international acquisition. of the Abu Dhabi Ports group.
Transmar is a container line operating in the Middle East, the Red Sea, the Arabian Gulf and the east coast of the African continent, handling 109,000 TEUs in 2021, while TCI is a loading and unloading company operating in the port of Adabiya, where it is the exclusive container operator. It operates two main lines, bulk cargo and containers, and handled 92.5 thousand TEUs and 1.2 million tons of bulk cargo in 2021.
In the past 12 months, the two companies had revenues of 325 million dirhams ($88.4 million), and earnings before interest, taxes, depreciation and amortization were 108 million dirhams ($29.3 million).
This deal gives the Abu Dhabi Ports Group a market position to realize further growth opportunities in Egypt and the Red Sea and the Arabian Gulf regions.
Falah Mohammed Al Ahbabi, Chairman of Abu Dhabi Ports Group, said: “This is the first international acquisition in the history of the Abu Dhabi Ports Group and represents a remarkable achievement in the context of the group’s ambitious expansion plans. It also supports the growth targets in North Africa and the Arabian Gulf region, and expands the portfolio of services we provide to our customers in these markets.
For his part, Captain Mohamed Al Shamsi, General Manager and CEO of Abu Dhabi Ports Group, indicated that the group is determined to continue to strengthen its presence in the Arab Republic of Egypt as part of its expansion strategy. They enjoy a strong regional presence and strong customer relationships, another important step towards expanding our geographic reach and expanding the range of benefits of our integrated service portfolio to encompass more customers.”
He added: “Egypt and the Red Sea coast are key areas within our global maritime services network, and we are confident in our ability to drive commercial and economic growth for our customers and the communities in which we operate. “
This agreement is the latest in a series of agreements signed by the Abu Dhabi Ports Group in the maritime sector in Egypt, including the agreement signed with the Egyptian Group for Multipurpose Terminals Company, which provides for the joint development and operation of the port. of Ain Sokhna, and signed the agreement with the Red Sea Ports Authority for the development, operation and management of berths for cruise ship operations in the Port of Sharm El Sheikh.
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