Global Investment Holdings announces progress in the IPO of Global Ports Holding
06 May 2014
As an update to our public disclosure dated 23.04.2015;
A Framework Agreement is signed by and between the European Bank of Reconstruction and Development (“EBRD”), our Company and our wholly-owned subsidiary Global Liman İşletmeleri A.Ş. (“Global Ports”) for the acquisition of a portion of the Global Ports’ shares by EBRD during the initial public offering (“IPO”) of Global Ports. According to this Framework Agreement EBRD will invest up to the 20% of the total offered shares in the IPO and up to the total acquisition price of USD 60.000.000. The acquisition will be made at the IPO price. EBRD will nominate one independent member of the Board of Directors of Global Ports after the acquisition. The amount that will be raised through the sale of these shares will be used specifically to finance investments (including the acquisition of the new ports) in the new ports located only in EBRD Region. According to the Action Plan agreed in the Framework Agreement, it is aimed to conform Global Liman’s corporate governance principles with international best practices.
