Egypt's Ain Sokhna Port (Photo:Reuters)
Abu Dhabi Ports Group has completed the acquisition of 70 percent of the stakes of Transmar International Shipping International "Transmar" and Transcargo International "TCI", with a total value of the deal amounting to $140 million.
The acquisition of these two Egyptian-based companies is the first international acquisition of Abu Dhabi Ports Group, and provides it with a market-leading platform that ensures further growth in container and cargo volumes and port operations in Egypt, North Africa, the Gulf region, and the entire Red Sea region.
Last year, Abu Dhabi Ports significantly expanded its global presence through a number of investments and partnerships in the markets located on the main trade routes of the UAE, which include Jordan, Uzbekistan, Tanzania and Egypt.
Transmar is a container line operating in the Middle East, the Red Sea, the Arabian Gulf and the eastern coast of the African continent.
The list of ports that fall within the shipping lines served by it include Adabiya and Ain Sukhna in Egypt, Jeddah, Jubail and Dammam in Saudi Arabia, Aqaba in Jordan, Port Sudan in Sudan, Djibouti in Djibouti, in addition to Khalifa and Jebel Ali Ports in the UAE.
The company has specialized capabilities in handling petrochemical products, which constitute a major part of the trade movement in these lines.
TCI is a freight forwarding company specializing in the handling of project cargo, heavy cranes, bulk cargo, industrial bulk cargo, general cargo, containers, as well as warehouse and storage facilities.
The company 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 exclusive and largest operator in this port, as it manages a large market share of handling, loading and unloading services.
The two companies are proceeding according to the planned plans to achieve revenues of up to $137 million, and profits before interest, taxes, depreciation and amortization amounting to $65 million for the whole of 2022.