HONG KONG: The European Bank for Reconstruction and Development (EBRD) has paid 53.4 million euros to acquire a 10.84 percent stake in Turkish port operator Global Ports (GPH), completing the transfer of stakes on Nov. 13.
Global Investment, the parent company of GPH, said its stake had dropped to 89.16 percent due to the deal, in a written statement late on Nov. 12.
The company also stated that Thomas Josef Maier, who was recommended by the EBRD, has been appointed to GPH as a board member.
The EBRD had announced in a Sept. 28 statement that it was investing in a minority stake of GPH in order to boost the company’s operations.
One of the largest port-operating companies and the largest cruise port operator in the world, GPH has eight ports in five countries in the Mediterranean and Asia-Pacific region.
“The proceeds of the bank’s investment will be used to finance the company’s future investments in ports in countries where the EBRD invests. Global Ports’ expansion abroad will promote integration among ports and create network synergies, as well as helping to further consolidate the company’s position in the international market,” said the EBRD.
