Abu Dhabi Ports Group announced that it had reached an agreement to acquire 70% of the shares of the International Cargo Subsidiary, which is wholly owned by Transmar International Shipping International (“Transmar”) and Transcargo International (“TCI”), which are based in Egypt..
According to a statement by the group, the total value of the deal amounted to 514 million dirhams, equivalent to $140 million, which will be fully financed from the cash reserves of the group, which amounted to three billion dirhams on March 31, 2022. This deal is the first international acquisition of the Abu Dhabi Ports Group.
Transmar is a container line operating in the Middle East, the Red Sea, the Arabian Gulf and the eastern coast of the African continent, and during 2021 it handled 109,000 TEUs.
As for TCI, it is a stevedoring company operating in the port of Adabiya, where it is the exclusive container operator. It operates two main lines of operations, bulk cargo and containers. In 2021, it handled 92,000 TEUs and 1.2 million tons of bulk cargo.