EBRD acquires stake in Turkish port operator Global Ports

Turkey's Global Yat?r?m Holding has announced a deal with the European Bank for Reconstruction and Development (EBRD) to sell 10.84 percent of its stake in its port operator, Global Ports, according to a written statement to the Public Disclosure Platform (KAP). 

The EBRD also said in its Sept. 28 statement that it was investing in a minority stake of the Turkish port operator Global Ports Holding (GPH) in a move to boost the company's operations.

One of the largest port-operating companies and the largest cruise port operator in the world, GPH (or Global Liman ??letmeleri, as it is formally known in Turkey) has eight ports in five countries in the Mediterranean and Asia-Pacific region.

"The proceeds of the bank's investment will be used to finance the company's future investments in ports in countries where the EBRD invests. Global Ports' expansion abroad will promote integration among ports and create network synergies, as well as helping to further consolidate the company's position in the international market," said the EBRD. 

As a shareholder, the EBRD has said it will nominate a member for the board of Global Ports and will help further advance the company's corporate governance, making it more competitive both in Turkey and abroad.

"We are pleased to provide an important funding boost to Global Ports as it seeks to expand and broaden its horizons along the Mediterranean before a landmark listing," said Sue Barrett, the EBRD's director for transport.

An international listing is planned for 2016-18 and is expected to deepen capital market development in the Turkish port and infrastructure sectors, paving the way for other infrastructure companies in the country to list their shares, said the EBRD.