Independent journal on economy and transport policy
07:53 GMT+1
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COSCO Shipping Ports will acquire 20% of Saudi's Red Sea Gateway Terminal
New shareholder also the Saudi sovereign wealth fund GDP
January 27, 2021
Currently the members of the RSGT are the Saudi Red Sea Ports, the Saudi SISCO, the City Island which is fully controlled malaysian MMC International Holdings, Saudi Arabia's Xenel and Tusdeerm, which is a 76:24 joint venture between SISCO and Xenel, which hold 60.0%, 21.2%, 8.0%, 6.8% and 4.0% respectively. of the capital of RSGT. In turn the Red Sea Ports is participated by SISCO, City Island, Xenel, Xenel Maintenance and Tusdeer who hold 53%, 20%, 16%, 1% and 10% respectively of capital. These members have signed up with Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, and with COSCO Shipping Ports an agreement to sell them 40% of the capital of the RSGT for a total of 1.05 billion yals (280 million dollars).
The agreement provides that to each of the two new members, which will hold 20% each of the capital of RSGT, SISCO sell the 10.6% of the capital for 74.2 million dollars, City Island diseas 4.0% for 28 million, Xenel sells 3.4% of the capital for 23.8 millions and Tusdeer give up 2.0% for 14 million dollars.
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Currently the members of the RSGT are the Saudi Red Sea Ports, the Saudi SISCO, the City Island which is fully controlled malaysian MMC International Holdings, Saudi Arabia's Xenel and Tusdeerm, which is a 76:24 joint venture between SISCO and Xenel, which hold 60.0%, 21.2%, 8.0%, 6.8% and 4.0% respectively. of the capital of RSGT. In turn the Red Sea Ports is participated by SISCO, City Island, Xenel, Xenel Maintenance and Tusdeer who hold 53%, 20%, 16%, 1% and 10% respectively of capital. These members have signed up with Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, and with COSCO Shipping Ports an agreement to sell them 40% of the capital of the RSGT for a total of 1.05 billion yals (280 million dollars).
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
