First deal in Abu Dhabi Ports history. UAE acquires companies in Egypt

Abu Dhabi Ports Group announced that it has reached an agreement to acquire a 70% stake in its subsidiary International Cargo.

The total value of the transaction was AED 514 million, equivalent to USD 140 million, which will be fully funded by the group’s cash reserves, which stood at AED 3 billion as at 31 March 2022. This transaction is the first international acquisition of Abu Dhabi Ports Group.

The company follows the Transmar container line, which operates in the Middle East, the Red Sea, the Persian Gulf and the east coast of the African continent, and handled 109,000 TEU in 2021.

It is also owned by TCI, a stevedoring company operating in the port of Adabiya, where it is the exclusive container operator, and manages two main lines of operations, bulk cargo and containers, and handled 92,000 TEU and 1.2 million tonnes of bulk cargo in 2021. .

Over the past 12 months, both companies generated revenues of AED 325 million and earnings before interest, taxes, depreciation and amortization amounted to AED 108 million. Management continues to aim to achieve triple-digit year-on-year growth during 2022, driven by higher volumes and higher freight rates. The Al-Ahwal family and the leaders of the two companies will continue to perform management tasks.

Falah Mohammed Al Ahbabi, Chairman of Abu Dhabi Ports Group, said: “This is the first international acquisition in the history of Abu Dhabi Ports Group, which represents an outstanding achievement as part of the group’s ambitious expansion plans and supports growth goals in North Africa and the Gulf region, and also expands the portfolio of services we provide to our clients in these markets.

Source: Al-Masri Al-Youm.

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