TIHL completes sale of 30.75% stake in Global Ports Investments Plc to Delo Group
Global Ports Investments PLC today announces that it has been informed by Transportation Investments Holding Limited ("TIHL") that TIHL has completed the sale of its 30.75% stake in Global Ports to LLC Management Company “Delo” (“Delo Group”) announced on 20 December 2017. Delo Group is one of the largest private transportation and logistics holding companies in Russia, consolidating assets in container and grain segments and providing tugboat and bunkering services in the port of Novorossiysk in the Black Sea Basin. Delo Group also offers multimodal freight forwarding services using its own inland terminals, warehouses and flatcars.
Furthermore, the Group has been informed that in connection with the transaction, Delo Group has acceded to the shareholder agreement with APM Terminals B.V. and that TIHL has been released from its obligations under such agreement.
Following the completion of the transaction, the following directors resigned from the Board: Mr. Nikita Mishin, Mr. Mikhail Loganov, Mr. Konstantin Shirokov and Ms. Elia Nicolaou with immediate effect. New members of the Board will be offered for election at the next AGM to be held on 14 May 2018, along with the existing directors offered for re-election.
Morten Engelstoft, Chairman of the Board of Directors of Global Ports Investments PLC and CEO of APM Terminals, commented: “We are looking forward to a constructive relationship with Delo Group as our new strategic partner in Global Ports. Delo Group has a remarkable track record in the Russian port industry and we are committed to working with them to cement Global Ports' position as a leading player in the Russian container industry. We are looking forward to a mutually beneficial partnership as co-controlling shareholders of Global Ports, which will allow us to tap into the future growth potential of the Russian market.
We would also like to take this opportunity to thank TIHL for the fruitful partnership that we have had building Global Ports’ platform over the last six years, including the successful acquisition of NCC, which strengthened the Group’s position as a world-class operator.”
Sergey Shishkarev, the President and owner of Delo Group commented: “I am very glad to be making our first investment in a publicly listed company with international standing – a new milestone for Delo Group. We aim to bring our twenty-five years of experience in the Russian transportation industry to further strengthen Global Ports’ performance. We see a great opportunity ahead through our cooperation with APM Terminals and are aligned with the Group’s governance structure and corporate strategy with its focus on deleverage.”