Istanbul, Sep 28 () - Turkey’s Global Yatırım Holding has announced a deal with the European Bank for Reconstruction and Development (EBRD) to sell 10.84 percent of its stake in its port operator, Global Ports, according to a written statement to the Public Disclosure Platform (KAP).
The EBRD also said in its Sept. 28 statement that it was investing in a minority stake of the Turkish port operator Global Ports Holding (GPH) in a move to boost the company’s operations.
One of the largest port-operating companies and the largest cruise port operator in the world, GPH (or Global Liman İşletmeleri, as it is formally known in Turkey) has eight ports in five countries in the Mediterranean and Asia-Pacific region.
“The proceeds of the bank’s investment will be used to finance the company’s future investments in ports in countries where the EBRD invests. Global Ports’ expansion abroad will promote integration among ports and create network synergies, as well as helping to further consolidate the company’s position in the international market,” said the EBRD.
“We are pleased to provide an important funding boost to Global Ports as it seeks to expand and broaden its horizons along the Mediterranean before a landmark listing,” said Sue Barrett, the EBRD’s director for transport.
An international listing is planned for 2016-18 and is expected to deepen capital market development in the Turkish port and infrastructure sectors, paving the way for other infrastructure companies in the country to list their shares, said the EBRD.
The EBRD started investing in the country in 2009. It currently operates from offices in Istanbul, Ankara and Gaziantep. In 2014 Turkey became the leading recipient country of the EBRD, with new investments worth 1.4 billion euros.
To date the EBRD has invested over 6 billion euros in Turkey through close to 160 projects in infrastructure, energy, agribusiness, industry and finance. It has also mobilized over 12 billion euros for these ventures from other sources of financing, according to the press release.