In the scope of Capital Markets Board’s (“CMB”) Communiqué on “Rating Activities and Rating Agencies in Capital Markets”, Global Investment Holdings’ Corporate Governance Rating has been reviewed by Kobirate Uluslararası Kredi Derecelendirme ve Kurumsal Yönetim Hizmetleri A.S.(Kobirate International Credit and Corporate Governance Rating: "Kobirate”). Accordingly, Global Investment Holding’s Corporate Governance Rating has been upgraded to 9.06 (out of 10.00) from 9.05, indicating that the Company achieved a substantial compliance with CMB’s Corporate Governance Principles.

Kobirate has reviewed Corporate Governance Practices of Global Investment Holdings under four main categories, as follows; while improvements in “Board of Directors” and “Stakeholders” categories contributing the most to the overall rating improvement. More specifically, the formation of “Female Board Membership Target Policy” (Board of Directors); as well as inclusion in BIST Sustainability Index and initiation of ISO certification processes (Stakeholders) had a positive impact on the overall rating.

The report issued by Kobirate will also be available through Global Investment Holdings website Corporate Governance Rating Report page.

GLOBAL PORTS HOLDING TAKES GLOBAL RUN TO HAVANA

Havana became the World’s Running Capital on 18 November with the Global Ports Marabana Cuba. As the main sponsor, Global Ports Holding carried its Global Run event to one of its most recent portfolio additions: La Habana Cruise Port.

Global Ports Holding was the name and main sponsor of the event, which brought together participants from around the world to run in support of cultural tolerance and enjoy Havana’s beauty. Over 6,000 athletes from 51 different countries participated in the marathon and ran through one of the most culturally rich and beautiful cities in the world. About 1,600 of the participants were foreigners. The largest number of participants came from the USA (278), followed by Mexico (90) and France (84) which was the European country most represented in the Caribbean event. One of the surprises was the participation of the of the actor and singer Will Smith in the half marathon.

The Global Ports Marabana Cuba took place over four different distances: 5km, 10km, a half marathon distance (21.1km) and a full marathon distance (42.2km). All races started from and finished at the “Paseo del Padro”, which lies between “Teniente Rey” and “San José” (in front of the “Capitolio”). Runners participating in the marathon distance of 42 kilometres, passed in front of the most emblematic sites of the city, including the “Capitolio”, the Revolution Museum and the famous “Malecon” or the Revolution Square, to name a few sights. The athletes enjoyed the weather, the music, the Cuban culture and the support of the people during the race.

Global Ports Holding executives presented the awards to winners of all three categories together with Cuban authorities. Winners of the marathon in men’s was Cuban athlete Henry Jaen for a sixth time with a record of 2 hours, 33 minutes and 59 seconds. In women’s, Yudileyvis Castillo came first by completing the marathon in 2 hours, 53 minutes and 51 seconds. GPH gave away a trip to Half Marathon in Barcelona, on February 10th, to the male and female winners in Marathon and Half Maratona categories.

Global Ports Holding CEO, Emre Sayin said:
“We are very proud to hold the Global Run in Havana, Cuba, which is the latest addition to Global Ports Holding’s growing portfolio of cruise ports. The event importantly demonstrates our continued commitment, as the world’s largest cruise port operator, to promoting integration and tolerance among different cultures. Congratulations to everyone who took part.’’

Global Run

The race is organized by Global Ports Holding every year with the hope of bringing the world one step closer to peace and understanding. People from many different countries and cultures join the event, at a different Global port city each year. So far, the Global Run has been held in Bodrum, Turkey; Valletta, Malta; Bar/Kotor, Montenegro; Ravenna, Italy and now Havana; Cuba. The intention is to host a Global Run in all locations of Global Port Holding’s growing portfolio – currently 15 ports located around the world.

Global Investment Holdings 9M 2018 Financials Results: Continued Robust Growth With Accelerated Performance…

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that, following bilateral discussions, over the last few months, it has signed a Memorandum of Understanding (MoU) with the Government of Antigua and Barbuda to negotiate a long-term concession for cruise port operations for Antigua, including St. John's cruise port where most of the passenger traffic is concentrated. The concession will also include certain retail outlets in the project area.

Under the terms of the MoU, both parties have now entered into an exclusive period. During this period GPH and the Government of Antigua and Barbuda will continue to carry out further extensive due diligence and both parties will work towards the successful signing of the concession agreement.

Following the successful execution of the concession agreement, GPH will use its global expertise and operating model to manage the cruise port operations in the islands of Antigua. In addition, GPH is willing to invest into a material upgrade of the St. John's cruise port including the construction of a new pier that will allow the port to handle Oasis class ships, as well as investing in improving the current retail facilities and designing and constructing of new purpose-built retail and F&B facilities.

GPH is committed to not only improving the overall cruise passenger experience in Antigua & Barbuda but we are also committed to driving significant economic benefits for the local residents through improving the facilities in and around the port and driving increased passenger spend in the destination. In addition, as part of the proposal, GPH, will establish a charitable foundation to support essential social programs in Antigua and Barbuda.

St John's cruise port offers cruise passengers an opportunity to enjoy a range of experiences and a host of attractions. From the Unesco listed historic Nelson's Dockyard and fortifications at Shirley Heights through to the town of St John's itself or any of a large number of beaches that offer a range of activities to suit a wide range of passenger needs. In 2018, St. John's cruise port will welcome c800k passengers, the completion of the new pier and upgrade of the facilities are expected to lead to a rise in passenger volumes to over a 1m in the medium term.

The signing of the Concession Agreement is subject to both parties' agreement on its final terms. Signing is expected to occur in H1 2019, although there can be no certainty as to the timing or that the terms of a concession agreement will be agreed. A further announcement will be made when it is appropriate to do so.

Emre Sayın, CEO of Global Ports Holding, gave an interview to Hürriyet HR newspaper.

Global Investment Holdings commissioned its Mardin/Derik biomass power plant; increasing biomass based installed capacity from 17.2MWe to 29.2MWe. Mardin/Derik power plant will be subject to Renewable Energy Resources Support Mechanism (YEKDEM) starting with 2019, selling electricity at 13.3 dollar-cent/kWh for ten years. Using agricultural residues in power generation, Mardin/Derik plant is expected to meet the electricity requirements of more than 30 thousand households.

After having commissioned its first biomass power plants a year ago, Global Investment Holdings commissioned its third biomass power plant in Mardin/Derik with 12MWe installed capacity as of October 31st, within a record time frame of less than a year, increasing its total biomass based installed capacity to 29.2MWe.

The plant with 12 MWe located in Mardin/Derik, in Turkey’s southeast region, will transform corn and cotton stalks into energy. The plant is one of the largest industrial investments in the region and is expected to bring remarkable economic activity and employment supporting both energy and agriculture sectors. The facility is expected to generate about 80 million kWh of electricity per annum, meeting the electricity requirement of more than 30 thousand households. Mardin/Derik biomass power plant will be subject to Renewable Energy Resources Support Mechanism (YEKDEM), selling electricity at 13.3 dollar-cent/kWh.

By converting residues and waste from agricultural fields, forests, and livestock into energy, Global Investment Holdings aims to reduce our country’s dependence on energy imports by focusing on renewable resources and contribute to the country’s economy, while providing significant regional employment opportunities. These clean and domestic resources, which are collected and converted from the fields in an environmentally conscious manner, are considered as renewable energy.

Global Investment Holdings’ Chairman, Mehmet Kutman, stated that: “Turkey has the potential to install more than 5,000 MW of biomass based power capacity. Biomass based power generation in Turkey is currently a nascent field, with less than 1% share in total electricity generation. With its vast agriculture areas and livestock activities, Turkey has an important potential in this regard. Biomass sector is a field which is quite mature and developed in other international markets. We are one of the very few companies that combine biomass collection activity and power plant operation under one single roof.”

Global Energy and Mining CEO, Atay Arpacıoğulları further underlined that: “We are pleased to announce that we have commissioned our third biomass power plant within a record time frame of less than a year, after displaying an exemplary show of dedication and teamwork. Mardin/Derik plant will be one of the largest industrial investments in the region creating a significant economic activity from an idle material. We believe our investment will not only reduce our dependence on imported resources in energy but also improve the region’s agricultural yields and efficiency by avoiding stalk fires on fields. Our first power plants from biomass resources were commissioned in 2017 with 17.2MWe installed capacity in Aydın/Söke1 (12MWe) and Urfa/Haliliye (5.2MWe) with feed-in tariff at 13.3 dollar-cent/kWh like Mardin/Derik plant. We plan to complete the 12MWe capacity extension of our Aydın/Söke1 plant in the near future expanding Global’s biomass based installed capacity to 41.2MWe and positioning as a market leader in this flourishing sector.

 

Global Investment Holdings (GLYHO) is among the BIST Sustainability Index constituents, along with companies which are traded in Borsa Istanbul and demonstrate high sustainability performances.

Global Investment Holdings was assessed to be listed in the BIST Sustainability Index (XUSRD), where companies are evaluated based on their public disclosures on sustainability issues. Global Investment Holdings’ comprehensive policies in areas related to sustainability, improvements in specific environmental indicators and efforts such as supporting the “Sandbar Shark Breeding Site Project at Boncuk Bay” of Mediterranean Conservation Society played an important role in being listed in the new period of BIST Sustainability Index as well, which provides companies reputational and competitive advantages.

Borsa Istanbul companies were evaluated according to BIST Sustainability Index’s inclusion criteria which are based on the disclosures and performances of companies in the environmental, social and governance (ESG) areas. As a result of the evaluation conducted by the independent research and rating agency Vigeo EIRIS, 50 companies have been listed in the BIST Sustainability Index.

71 companies were evaluated in the 2018 assessment period for BIST Corporate Sustainability Index and Global Investment Holdings has become one of the 6 new companies that were added to the index thanks to its high corporate sustainability performance. GLYHO will now be listed in the BIST Sustainability Index during November 2018 – October 2019. GLYHO is also included in the BIST Corporate Governance Index.

More information on Global Investment Holding's sustainability performance can be found in the 2017 Sustainability Report.

JCR Eurasia Rating has affirmed the ratings of Global Investment Holdings as ‘BBB+ (Trk)’ and ‘A-2 (Trk)’ on the long and short term national scale and determined the outlooks on the ratings as ‘Stable’.

JCR Eurasia Rating, in its periodic review, has evaluated Global Investment Holdings in an investment-level category on the national and international scales and affirmed the ratings on the Long Term National Scale as ‘BBB+ (Trk)’ and determined the Short Term National Scale as ‘A-2 (Trk)’ with ‘Stable’ outlooks. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’.

More information can be found in our Credit Ratings page.

Concession agreement signed for Zadar Gazenica Cruise Port, Croatia

Global Ports Holding Plc ("GPH Plc" or "Group"), the world's largest independent cruise port operator, is pleased to announce that it has signed a 20-year concession agreement (“the Agreement”), between its wholly owned operating subsidiary Zadar International Port Operations d.o.o. and the Port Authority of Zadar for the operating rights of the Gazenica cruise port in Zadar, Croatia. This agreement follows the announcement made by GPH on the 19th March 2018 that the Port Authority of Zadar had issued an award decision to grant a concession to GPH subject to entering a final concession agreement.

Under the terms of the Agreement, GPH will from Q4 2018, use its global expertise and operating model to manage all of the cruise port operations at Gazenica port over the life of the concession. The concession includes cruise ship passenger port and terminal services, an international ferry terminal, Ro-Ro services, vehicles and passenger services. It also contains a commercial area of 2,400sqm, with leasable retail and office space. The cruise ports infrastructure includes a maximum draft of 13m and 1170m of total pier length to accommodate big ships. In 2017, Zadar welcomed 137k cruise passengers, with schedule calls for 2018 suggesting that this will grow to close to 150k passengers for 2018.

Zadar is a historical town on the Adriatic coastline in Croatia, it is well positioned near a number key cruise ports in the region, including Venice and it offers cruise passengers an easily accessible old town with Roman ruins, medieval churches and 16th century fortifications. While the surrounding areas offers a host of sites and activities for cruise passengers who wish to venture further afield.

Gazenica cruise port is the second new cruise port GPH has signed in 2018, increasing the number of ports we operate to 17 ports in 9 countries. The pipeline of new cruise ports remains strong and we will update investors on the pipeline as and when it is appropriate to do so.

Global Ports Holding, CEO Emre Sayin said: “We are delighted to have signed the concession agreement for Zadar Gazenica cruise port and very much look forward to working with our local partners to position Zadar as an important cruise port in the Adriatic, driving an increase in passenger volumes to the port as well as developing the cruise port and wider visitor experience in Zadar to the benefit of cruise passengers, the port authority and the local community.”

 

Sailing through difficult times with record EBITDA…

 Global Investment Holdings’ CNG arm signs an exclusive agreement to partner with Victoria Oil & Gas Plc’s wholly owned subsidiary Gaz du Cameroun S.A.

 

Naturelgaz, a 93.7% subsidiary of GIH Turkey and Europe's leading CNG (Compressed Natural Gas) supplier and distributor in terms of mother station infrastructure and bulk sales volume, has entered into an exclusive agreement to partner with Gaz du Cameroun S.A. (GDC). Gaz du Cameroun is a wholly-owned subsidiary of Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor and listed on the AIM market of the London Stock Exchange under the ticker VOG.

The purpose of this long-term partnership will be to:

·       Design, build and operate compressed natural gas (“CNG”) infrastructure and solutions for customers who need mobile energy, initially in GDC’s home market of Cameroon with the intention of rolling this out into other African countries

·       Market CNG products, including bulk CNG and gas-to-power to industry and businesses which require reliable off-grid / off-pipeline energy solutions, as well as Auto CNG for alternative mobility solutions

·       Phase 1 agreed between the parties is a 2mmscf/d (21mscm/y) CNG plant and customer distribution project currently in design stage.

Kevin Foo, Chairman of Victoria Oil and Gas said said, “The agreement to partner with Naturelgaz, starting in Cameroon, brings together GDC’s upstream gas capabilities and experience of the Douala energy market with Naturelgaz’ proven track record of delivering CNG solutions. We are excited to be adding CNG to our product mix.”

Hasan Tahsin Turan, CEO of Naturelgaz stated; “As Europe’s largest CNG player we possess significant know-how and expertise in developing and successfully managing complex CNG value chains. We value the high quality of proven gas reserves and the existing asset base of GDC. In partnership with GDC, Naturelgaz will provide CNG energy solutions to where they are needed most – countries like Cameroon with limited energy infrastructure and a huge gap between energy demand and supply. We are enthusiastic about the tremendous growth opportunities this partnership offers and we are keen bring in our know-how, capital and long-term commitment.”

 

About Naturelgaz:

Naturelgaz, a 93.7% subsidiary of GIH, is Turkey and Europe's lading CNG supplier and distributor in terms of mother station infrastructure and bulk sales volume. The company focuses on sales and distribution of bulk CNG to industrial and commercial customers – such as factories, power generators, hotels, asphalt plants – in addition to towns (households) not connected to natural gas pipelines. Besides the distribution of Bulk CNG to industrial and commercial users, Naturelgaz also focuses on the development of the Auto CNG market in co-operation with CNG vehicle producers. 

 

About Victoria Oil & Gas:

Victoria Oil & Gas Plc ("VOG" or "the Company") is a fully-integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon. Through the Company's wholly-owned subsidiary, Gaz du Cameroun S.A. ("GDC"), VOG delivers gas via a 50km gas distribution pipeline network to a range of major industrial customers.

Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned Logbaba gas project. GDC is partnered on this project with RSM Production Company ("RSM"), and Société Nationale des Hydrocarbures ("SNH"), who have holdings of 38% and 5% respectively.

Subject to government approval VOG will extend it acreage over the highly prospective Douala Basin with the addition of the Matanda license area.

Victoria Oil & Gas is listed on the AIM market of the London Stock Exchange under the ticker VOG.

 

Global Ports Holding (“GPH”), the world's largest independent cruise port operator, is pleased to announce that it has entered into an exclusive partnership with, and simultaneously made an investment into Dreamlines GmbH (“Dreamlines“).

Dreamlines

Dreamlines is a fast-growing online travel agency dedicated to cruises. Founded in 2012, it operates in twelve countries around the world (Australia, Austria, Brazil, France, Germany, Italy, Netherlands, Russia, Singapore, Switzerland, UK and USA), and has tripled booking volumes over the last three years, delivering 40% YoY organic growth in 2017. The company is based in Hamburg, Germany, where the majority of its ca. 600 employees are based.

The business model of Dreamlines is built on the aggregation and presentation of a comprehensive cruise inventory to customers through its proprietary, inhouse-developed software solutions and custom-built content management systems. Based on this unique online platform and supported by more than 300 cruise sales experts Dreamlines sells cruise products online, via phone and email. In addition, the proprietary software is made available to offline travel agents granting them access to Dreamlines’ content, helping to generate additional booking volume.

According to Cruise Industry News Annual Report, the total revenue from ticket sales was $37.8bn for 2017. The vast majority of this booking volume ($25bn+) is generated through third-party channels, not directly by the cruise lines. Offline travel agents remain the dominant sales channel, but the online share is rapidly growing. No dominant player has established itself yet in the online market for cruise booking, the market leader is estimated to generate booking volume in excess of $1bn p.a. focusing exclusively on the US market. Dreamlines is already the 2nd largest player in the online segment with a strong international footprint and an expected booking volume of €400 million this year. In addition, Dreamlines is targeting not only the online segment but the whole third-party booking volume – thanks to the aforementioned roll-out of its proprietary software to offline travel agents.

Dreamlines focuses on delivering to its customers an enhanced cruise experience, creating unique products for each customer, complementing the cruise with ancillary products and services, such as transportation and accommodation.

Partnership

The exclusive partnership with Dreamlines will allow GPH to deepen our understanding of passengers’ whole cruise experience as we continue to build our knowledge and expertise in B2C service and product offerings around cruise ports. The partnership will allow GPH to work with Dreamlines on ways to promote its cruise ports and destinations to cruise customers worldwide as well as explore the potential for the development of additional retail and service opportunities, particularly pre and post cruise, which in the medium term could enhance and broaden our ancillary revenues. We believe that this partnership has significant potential given GPH’s international network of currently 14 cruise ports welcoming 7.3 million passengers p.a.

Investment

GPH will invest up to €13 million in Dreamlines in the form of a convertible loan note with a conversion option into a mid single-digit equity stake in Dreamlines within 12 months. Simultaneously, Dreamlines raised €45 million in series E funding led by Princeville Global, well-known for successfully identifying and fuelling growth in technology companies. Proceeds from the series E equity funding and the GPH convertible note will be used by Dreamlines towards further international growth and to complete the acquisition of Cruise 1st, a UK headquartered online travel agent specialising in cruises.

Following this acquisition, Dreamlines will be the world’s 2nd largest online travel agent for cruise bookings. It has firmly established itself as the market leader in Germany and Australia. With an organic growth rate of ca. 40% YoY, Dreamlines is growing significantly faster than any competitor and is targeting exceeding EUR 1bn in annual booking value in the medium-term. This will give Dreamlines a significant market share in the global cruise industry, creating an unmatched offering and convenience to global cruise customers, and a highly valuable platform for its shareholders.

Emre Sayin, Global Ports Holding CEO, said: “Dreamlines is a global leader in its field; its attractive digital and sales force capabilities will strengthen our knowledge and expertise within the fast-growing global cruise market. Overtime we expect the partnership will allow us to further enhance our ancillary revenue streams through the development of new cruise passenger products and services, in line with one of our key strategic pillars. GPH and Dreamlines hold unique and complementary positions within the global cruise market; both companies stand out in their respective market due to their international footprint. We look forward to working together to develop ways to enhance each customer’s experience.”

Felix Schneider, Dreamlines Founder & CEO, said: “Together with Global Ports Holding and our cruise line partners we will improve the experience for passengers around the globe even further. As the fastest growing cruise online travel agency and largest cruise port operator Dreamlines and Global Ports Holding are a perfect fit to meet the passenger’s demand for unique cruises.”

Developments regarding the real estate portfolio’s sale process

Global Investment Holdings’ Ports arm, Global Ports Holding, has been awarded management agreement for operation of Havana Cruise Port, Cuba

Solid Operating Momentum Sustained…

IR_GIH_Canadian_Solar

Actus Asset Management received “Most Creative Capital Market Project Special Award” from Turkish Capital Market Association with Gaziantep Integrated Health Campus Private Equity Fund.

Mr. Barış Hocaoğlu, the General Manager, of Actus Asset Management, said “Actus, Gaziantep PPP Fund, is the first venture fund within the regulation of Turkish Capital Market Association, to finance an infrastructure project. Thus, the first fund with shares allocated to foreign investors with our partners in this project KDB Kiamco, infrastructure asset management arm of Korean Development Bank with a term of 29 years, longest term, has been realized.” Mr. Hocaoğlu continued his statement “Through our project, we presented a new fund model to Turkey which will be an example for starting new funds. We will continue with our goal of becoming the biggest independent asset management company and to support new projects that will be an inspiration in our country.

3rd Capital Market Awards, organized by Turkish Capital Market Association, were given in a ceremony attended by Deputy Prime Minister, Hon. Mehmet Şimşek. During the ceremony, Actus Asset Management, a subsidiary of Global Investment Holding, received the Most Creative Capital Market Project Special Award. Through Gaziantep Integrated Health Campus Private Equity Fund, which was founded in 2017, there were a lot of firsts in Turkish capital markets.

Mr. Hocaoğlu, who received the award, said “This is the first private equity fund that was founded within the Capital Market Association’s regulations which finances an infrastructure. It is the first fund with shares allocated to foreign investors with a term of 29 years, the longest term. The fund was able to contribute to close the finance of the project, by enabling an equity finance of EUR 600 million investment.” Mr. Hocaoğlu also called attention to the fact that it is the first time a fund, founded in Turkey and subjected to the regulations of Turkish Capital Market Association, was registered abroad. He went on to say “The fund is registered by Financial Supervisory Services (FSS) Korea. The fund is registered in both countries.

We presented a new model of investment

Hocaoğlu said “With our project, we presented a new model of investment in Turkey, that can help other funds to launch. We will continue with our goal of becoming the biggest independent asset management company and to support new projects that will be inspiration in our country.

Global Securities received the “Best Social Responsibility Private Award” at the 3rd TCMA Awards, presented by Turkish Capital Markets Association (TCMA), with its “Let’s be the light for Parilti (Sparkle) Children” project. The project has been continuing for the last five years together with Parilti Association (an association which provides support for visually impaired children). In this text, many workshops and exhibitions took place with the participation of Global Securities employees. Global Investment Holding’s charity race, Global Run, is also integrated in this cooperation. 

The Secretary General of Global Investment Holdings, Gökhan Özer received the award at the ceremony and stated that “Global Securities aims to support education with its all sources; and Parilti’s aim to support the viaually impaired children from birth to the end of the education period enabled us to cooperate with them.”

 

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