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Global Ports Holding Completes Sale Of Port Akdeniz, Port Of Adria Future Under Consideration

Global Ports Holding completes sale of Port Akdeniz, Port of Adria future under consideration

Istanbul, Turkey (PortSEurope) January 27, 2021 – Global Ports Holding Plc (GPH), a global independent cruise port operator, has announced that further to the announcement of 21 October 2020, all conditions precedent to the sale of Ortadoğu Antalya Liman Işletmeleri (Port Akdeniz) to QTerminals W.L.L.,have been completed. As previously announced, the agreed enterprise value for the sale was $140m (€115.4 million), and the equity value for
GPH after deducting net debt and debt-like items of Port Akdeniz as at closing is $115m. The sale means that GPH will now effectively be a pure-play global cruise port operator. The GPH Board and senior management will now focus time and resources on the restart of cruise port operations during 2021 and continued expansion in the global cruise port market. GPH will also now consider selling the Port of Adria, the group’s commercial port concession in Montenegro’s coastal town of Bar. Other options for its future will be considered. “There can be no certainty as to the timing or that the terms of a sale will be agreed. A further announcement will be made when it is appropriate to do so,” GPH said. Port Akdeniz operates the Akdeniz-Antalya port under a concession agreement that expires in August 2028. The company reported revenues of $25 million and earnings before interest, taxes, depreciation. QTerminals is a terminal operating company jointly established by Qatari port and logistics services providers Mwani Qatar and Milaha. Copyright (C) PortSEurope. All Rights Reserved. 2021.

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