Abu Dhabi Ports Group said on Wednesday it completed the acquisition of a 70 percent equity stake in Egypt’s Transmar International Shipping Company (Transmar) and Transcargo International (TCI), with a total value of the deal amounting to $140 million.
The acquisition of the two Egypt-based maritime companies is the first international acquisition realized by AD Ports Group.
It provides AD Ports Group with a market-leading platform for further growth in container, cargo and port operations in Egypt, North Africa and Gulf regions, and along the entire Red Sea.
Last year, the Group had expanded its global footprint through a series of new investments and partnerships in markets on key trade routes for the UAE including Jordan, Uzbekistan, Tanzania and Egypt.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa.
Ports along its routes include Adabiya and Sokhna in Egypt; Jeddah, Jubail and Dammam in Saudi Arabia; Aqaba in Jordan; Port Sudan in Sudan; and Djibouti in Djibouti, Khalifa Port and Jebel Ali in the UAE.
It has special capabilities for handling petrochemical products, which make up a significant proportion of trade along these routes.
For its part, TCI is a terminal operator and stevedoring company that specializes in project cargo handling, heavy lift, breakbulk, industrial breakbulk, general cargo and container handling, as well as warehousing and storage facilities.
TCI owns a fleet of advanced loading and unloading equipment, and its operations are concentrated in Adabiya Port, which is one of the most important ports serving the areas overlooking the Red Sea in Egypt.
It is the largest operator and sole container operator in Adabiya Port where it manages a large market share of handling, loading and unloading services.
Together, Transmar and TCI are on track to deliver revenue and EBITDA of around $137 million and $65 million, respectively, for full-year 2022.
The El Ahwal family and the executive team will remain in management of the companies and deliver the strategic growth plans under the guidance and support of the Board and in conjunction with AD Ports Group.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “The successful completion of this international acquisition is another important step in our journey of global growth and market expansion in line with the vision of our wise leadership.”