International Cargo Carrier wholly owns two maritime companies based in Egypt – regional container shipping company Transmar International Shipping Company and terminal operator and stevedore outfit Transcargo International (TCI).
The $140m acquisition will be funded from cash reserves and the El Ahwal family and their executive team will remain in management at the companies.
Transmar handled around 109,00 teu in 2021; TCI is the exclusive container operator at Adabiya Port and handled 92,500 teu and 1.2m tonnes of bulk cargo in the same year.
2022 performance is expected to be even stronger with forecasts of triple digit growth on-year driven by volume and rate increases.
H.E. Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “This is the first overseas acquisition in AD Ports Group’s history, and an important milestone in our ambitious international expansion plan. This acquisition will support our wider growth targets for North Africa and the Gulf region and broaden the portfolio of services we are able to offer in those markets.”
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “The acquisition of Transmar and TCI, which both have strong regional presences and deep client relationships, is another key step in increasing our geographical footprint and bringing the benefits of our integrated portfolio of services to more customers.”
The deal adds to recent AD Ports activity in Egypt, including agreements with the Egyptian Group for Multipurpose Terminals for the joint development and operation of Egypt’s Ain Sokhna Port, and an agreement with the General Authority for Red Sea Ports for the development, operation, and management of cruise ship berths at Sharm El Sheikh Port.
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