GIH Increased Its Shares at GPH back to 100%
07 February 2013
22.114% of Global Ports Holding, Turkey’s leading port operator, was sold to VEI Capital SPA (“VEI Capital”) in July 2011. Today Global Investment Holdings reacquired these shares and consequently became the sole owner of the company at 100%.
As per the announcement made by GIH, the price of the shares totaled USD 91.7 mn, paid in cash and excluding accrued dividend. Mr. Kerem Eser, CFO of GIH, said: “We once again became the 100% shareholder of Global Ports. Considering the major improvements in the macro-economic fundamentals of Turkey, and the subsequent increase in investor interest, especially in the infrastructure sector this transaction will have a positive effect on the profitability of the Group. Furthermore, Global Ports has created the necessary background for future inorganic growth.”
Mr. Saygın Narin, The CEO of Global Ports, made an announcement regarding the transaction, and said: “GIH became 100% shareholder of Global Ports. Having a strong shareholding structure is surely important for our goals of inorganic growth by entering new ports projects. That being said, today as Global Ports we are the only port operator in Turkey, operating three important ports in cruise and commerce segments with Port of Akdeniz, Ege Ports and Bodrum Cruise Port.
We recorded 83% growth in our ports from 2009 to 2012. I would like to point out that we achieved this growth in a time of global recession and shrinking economies in countries we do business with, and this growth is much higher than the economic growth Turkey has successfully achieved in the same period.”
Mr. Narin also stated: “We have plans to add overseas ports to our portfolio. In this context, there are a number of ports in the Mediterranean basin, particularly in Greece, which the Company is following closely, not to mention destinations in Adriatic, Africa and Central America. Domestically, in 2013 the Group is very much interested in the privatization tenders of Derince and Galata Ports, in partnership with potential foreign and domestic partners.”
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About GIH:
Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company in October 2004 (www.globalyatirim.com.tr) to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. Global Investment Holdings is listed on the Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its accumulated experience in finance for industrial business opportunities.
About Global Ports Holding:
Global Ports Holding (Global Port) was established to utilize commercial and cruise port opportunities in Turkey and the Mediterranean area.
Global Ports Holding is a unique port group and operator in Turkey, currently managing three leading cruise and commercial ports. Since 2003, the Global Ports Group has developed a portfolio of strategically located ports in Turkey, each providing exceptional hinterland access with strong market demand fundamentals. Global Port is the largest port operator having 50% of cruise port market of Turkey on the basis of number of cruise passengers received in 2012.
Ports under the roof of Global Ports Holding:
Ege Ports
The Port of Kuşadası (“Ege Ports-Kuşadası”) is a cruise and ferry port located on Turkey’s Aegean coast. Ege Ports – Kuşadası is in close proximity to important historical sites such as the ancient city of Ephesus, the city of ancient Greek and then of Rome, and the House of the Blessed Virgin Mary where Virgin Mary is believed to have lived and is a holly place for Christians. In 2012 Ege Ports – Kuşadası with a total of more than 564,000 cruise passengers was the busiest cruise port in Turkey on the navigation basis and the 16th most visited port of call in the Mediterranean according to G.P. Wild International. Ownership of Global Ports in Ege Ports-Kuşadası is 72,5 %.
Port Akdeniz
Antalya Commercial and Cruise Port (“Port Akdeniz-Antalya”) is a port providing both commercial and cruise services. It is located on Turkey’s Mediterranean coast, a mineral-rich region where commercial products such as marble, chromium, cement etc. are produced. Port Akdeniz – Antalya has 10 berths that can accommodate container, dry bulk cargo and general cargo vessels. The Port’s dry bulk and general cargo handling capacity is 5.0 million tonnes per year and its container handling capacity is 400,000 TEU per year. According to data of Undersecretariat of Maritime Affairs of Turkey (UMA), approximately 3.1 percent of Turkey’s maritime exports in 2011 was shipped through Port Akdeniz – Antalya. Port Akdeniz – Antalya also provides service as cruise port with three berths for cruise vessels, a marina with 250 berths and a 150-yacht dry-dock capacity. Global Ports Management aims at making Port Akdeniz – Antalya one of the most important cruise port of Mediterranean given its proximity to Antalya Airport, is an important international airport, and valuable archeological sites. Ownership of Global Ports in Port Akdeniz – Antalya is 100%.
Bodrum Cruise Port
Bodrum Cruise Port, which is located in Bodrum on Aegean coast of Turkey, is a cruise, ferry and mega yacht port that began operations in the second quarter of 2008. Bodrum, originated as an ancient Carian fishing village, is home to one of the best-preserved medieval Crusader castles and currently one of the most popular sea vacation destination. Since commencing operations in 2008, Bodrum Cruise Port has quickly become a popular stopover for super and mega yachts, providing fresh water, power, duty-free fuel and provisions to yachting patrons. Bodrum also provides service to foreign military ships. Ownership of Global Ports in Bodrum Cruise Port is 60%.
