EBRD Takes Stake in Turkish Cruise Port Operator
The European Bank for Reconstruction and Development (EBRD) said 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.
GPH has eight ports in five countries in the Mediterranean and Asia Pacific region and it is an arm of Global Yatirim Holding AS (Global Investment Holdings) which operates in the infrastructure, real estate, energy and financial services sectors in Turkey.
“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,” EBRD said in a statement.
As a shareholder, the EBRD intends to nominate a member for the board of Global Ports to help further advance the company’s corporate governance.
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.
“I am honoured to follow the footsteps of the founder of GPH, Gregory M. Kiez, by welcoming the EBRD as our partner, which will support our expansion plan, especially in the cruise port arena where our company is the leading operator worldwide,” said Mehmet Kutman, Chairman of Global Ports.
The Bank started investing in the country in 2009 and in 2014, Turkey became the leading recipient country of the EBRD, with new investments worth €1.4 billion.
To date EBRD has invested over €6 billion in Turkey through close to 160 projects in infrastructure, energy, agribusiness, industry and finance.