Global Ports Investments PLC has announcced that it has been informed by Transportation Investments Holding Limited (TIHL) that TIHL has completed the sale of its 30.75% stake in Global Ports to LLC Management Company “Delo” (Delo Group) announced on 20 December 2017.
The parties do not disclose commercial details of the deal.
In connection with the transaction, Delo Group has acceded to the shareholder agreement with APM Terminals B.V. while TIHL has been released from its obligations under the agreement.
Following the completion of the transaction, Nikita Mishin, Mikhail Loganov, Konstantin Shirokov and Elia Nicolaou resigned from the Board with immediate effect.
New members of the Board will be offered for election at the next AGM to be held on 14 May 2018, along with the existing directors offered for re-election.
Morten Engelstoft, Chairman of the Board of Directors of Global Ports Investments PLC and CEO of APM Terminals, commented: “We are looking forward to a constructive relationship with Delo Group as our new strategic partner in Global Ports. Delo Group has a remarkable track record in the Russian port industry and we are committed to working with them to cement Global Ports' position as a leading player in the Russian container industry. We are looking forward to a mutually beneficial partnership as co-controlling shareholders of Global Ports, which will allow us to tap into the future growth potential of the Russian market. We would also like to take this opportunity to thank TIHL for the fruitful partnership that we have had building Global Ports’ platform over the last six years, including the successful acquisition of NCC, which strengthened the Group’s position as a world-class operator.”
Sergey Shishkarev, President and owner of Delo Group, commented: “I am very glad to be making our first investment in a publicly listed company with international standing – a new milestone for Delo Group. We aim to bring our twenty-five years of experience in the Russian transportation industry to further strengthen Global Ports’ performance. We see a great opportunity ahead through our cooperation with APM Terminals and are aligned with the Group’s governance structure and corporate strategy with its focus on deleverage.”
Delo Group was granted a permission to acquire 30.75% in Global Ports Investments by the Russia Federal Anti-Trust Service (FAS) on the condition that the tariffs for terminal services should be set in rubles.