Global Ports Investments PLC, together with its subsidiaries and joint ventures, has been informed by its shareholder, Transportation Investments Holding Ltd (TIHL) that it has entered into an agreement to sell its 30.75% stake in Global Ports to Management Company Delo LLC, one of the largest private transportation and logistics holding companies in Russia, consolidating assets in the container and grain segments and providing tugboat and bunkering services in the port of Novorossiysk in the Black Sea Basin.
The agreement remains subject to various conditions, including antitrust clearances and other customary arrangements. Subject to satisfaction of the above conditions, the sale is expected to complete by end of April 2018.
CEO of Global Ports Management LLC, Mikhail Loganov, commented: “We are delighted to welcome Delo as our potential strategic shareholder. Delo has an impressive track record in the Russian port industry and operates in the Black Sea Basin where Global Ports is not currently represented.”Sergey Shishkarev, the President and the owner of Delo Group, added: “We did not hesitate a second when taking the decision to enter the transaction. We highly rate the potential of our cooperation with Global Ports, will apply our rich experience in transportation industry and will take maximum effort to strengthen the Company in the markets in which it is active. We are very much aligned with the Group’s current strategy and governance structure.”
Read the article online at: https://www.drybulkmagazine.com/ports-terminals/04012018/thl-to-sell-its-stake-in-global-ports-to-delo-group/