Global Ports Holding Completes the Acquisition of 62% of Port of Bar
30 December 2013
Global Ports Holding (GPH), the only operator of three leading commercial and cruise ports in Turkey, completed the acquisition of 62% shares of Port of Bar for a total consideration of Euro8,071,000 on December 30, 2013. The port holds a 30-year concession to repair, finance, operate and maintain the general freight and cargo terminal in the city of Bar, Montenegro.
Saygın Narin, the CEO of GPH, said “We, as GPH, have been targeting organic growth till now while revamping efficiency, systems and marketing processes in our Turkish ports. Having also successfully integrated our three ports, we are currently focusing on inorganic growth. We aim to add new ports, domestic and international into our portfolio. In that vein, we completed the acquisition of 62% of the Port of Bar today. We are excited about this transaction also because it is the first time a Turkish company acquires the majority ownership of a port operation overseas.”
About GYH
Global Yatırım Holding A.Ş. (GYH) was regrouped as a holding company in October 2004 to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. GYH is listed on Borsa Istanbul (as GLYHO.IS) and utilizes its experience in the finance sector for industrial business opportunities.
About GPH
Global Ports Holding (Global Ports) has been established to utilize commercial and cruise port opportunities in Turkey and the Mediterranean area. Global Ports is a unique port group and operator in Turkey, currently managing three leading cruise and commercial ports. Since 2003, the Global Ports has developed a portfolio of strategically located ports in Turkey, each providing exceptional hinterland access with strong market demand fundamentals. Global Port is also the largest port operator with 50% of the Turkish cruise port market on the basis of number of cruise passengers received in 2012.
