Saudi PIF, China's COSCO Buy Stake in Red Sea Gateway Terminal

July 15, 2021

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, and COSCO SHIPPING Ports Ltd have completed a deal to buy a combined 21.2% stake in Red Sea Gateway Terminal Ltd from Saudi Industrial Services Co (SISCO).

SISCO will receive gross proceeds of 556.5 million riyals ($148 million) for the deal, it said in a statement.

Image Credit: Red Sea Gateway Terminal
Image Credit: Red Sea Gateway Terminal

The proceeds will support the company’s strategic objectives of enhancing shareholder returns and optimizing its portfolio, it said.

LogiPoint also divested its 4% direct equity stake in the terminal and will receive gross proceeds of 105 million riyals, it said.

JPMorgan acted as financial adviser on the transaction and Abdulaziz Alajlan & Partners in association with Baker McKenzie Limited acted as legal counsel.

($1 = 3.7504 riyals) 

(Reporting by Saeed Azhar; editing by Jason Neely)

Related News

Oakland Import Volumes Near Pre-Pandemic Level North Korea Oil Imports from Russia top U.N. Limits NWF Commissions Inland Waterways Study with Eno Center Flying Electric Ferry Coming to Lake Tahoe Albany Port CEO Elected Vice Chair at National Ports Association