The Board of Directors of Global Ports Investments has approved the inter-group merger, as the result of which Global Ports absorbs its 100% subsidiary investment holding company, National Container Holding Company Limited, incorporated under the laws of Cyprus and being the direct shareholder of its main operating assets.
The purpose of the merger is the simplification and alignment of the Group structure, direct ownership of the main operating assets, improvement of corporate governance within the Group and reduction of administrative expenses, Global Ports said.
In accordance with the Cyprus legislation the merger is condition to the court approval and the shareholders and creditors approvals of both merging companies.