QTerminals to take over the Port Mediterranean

According to the statement made by Global Ports Holding (GPH), a subsidiary of Global Investment Holding, the total price of the sale will be $140 million after the necessary approvals are obtained.

The cash inflow to be obtained by Global Ports Holding from the sale will be finalized according to the net debt status of Port Mediterranean on the closing day and the expenses and taxes related to the sales transaction. QTerminals will pay a small portion of the price 12 months after closing.

Mehmet Kutman, the board chairman of Global Investment Holding and Global Ports Holding stated that the transfer of QTerminals to Port Mediterranean will strengthen the already strong relations of Qatar and Turkey. Kutman said:

‘’The cruise focus of Global Ports Holding has increased with the completion of the sales transaction. Although cruise operations continue to be significantly affected by the pandemic cruise tourism remains important in the long term. In this sense, the fact that cruise companies continue to report strong reservations for 2021 is encouraging for the return of the industry.

We continue to take advantage of the opportunities for important cruise ports in the world. Port Mediterranean has been an integral part of GPH since 2006 and has played a crucial role in the successful development of the group over the years. However, as we continue to grow in the cruise port market, it is time for Port Mediterranean management to move to an organization that focuses primarily on the commercial port market. As an inbound global commercial port operator, I believe that QTerminals will be an ideal home for Port Mediterranean and all local stakeholders will benefit from the port’s QTerminals management in the coming years. ‘’

Kutman also stated that the sales decision for Port of Adria Montenegro and for the other two commercial ports in their portfolio, has been taken in line with their strategy to increase the cruise focus and that related negotiations have started.

“There is no definite provision for timing”

Meanwhile, the statement of Global Investment Holding on the subject was published on the Public Disclosure Platform (KAP).

In the statement, it was emphasized that the concession / operation period of Port Mediterranean, which is the largest commercial port in GPH’s portfolio, will continue until August 2028.

According to the statement the sale transaction is subjected to some preconditions and to the approval of various governmental agencies:

‘’Although it is not possible to make a definite provision regarding the timing, the financial close is expected to take place in the last quarter of 2020.’’

source: AA / translated by Melisa Karayusufoglu

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