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AD Ports Group has reached an important milestone in its ambitious international expansion plan with the acquisition of a 70 per cent equity stake in International Associated Cargo Carrier, which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International (TCI). The deal is valued at around US$ 140 million, to be fully funded from AD Ports Group’s existing cash reserves.
Transmar is a regional container shipping company, operating across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa, and which last year handled 109,000 TEU of containers.
TCI is a terminal operator and stevedoring company, mainly operating out of Adabiya Port, where it is the exclusive container operator. Its two lines of business are container and bulk cargo services. In 2021, TCI handled 92,500 TEU and 1.2 million tons of bulk cargoes.
According to a statement from AD Ports, “These synergistic acquisitions provide AD Ports Group with a market-leading platform for further growth opportunities not only in Egypt, but also in the entire Red Sea and Gulf regions.” The El Ahwal family and their executive team will remain in management of the companies.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “We continue to build up our presence in Egypt as part of our wider strategy for global expansion. Egypt and the Red Sea coast are increasingly important parts of our global maritime offering, and we believe we are well-placed to boost trade and economic growth for customers and communities along these routes.”
This deal is the latest in a series by AD Ports Group in the Egyptian maritime industry, including agreements with the Egyptian Group for Multipurpose Terminals for the joint development and operation of Egypt’s Ain Sokhna Port and an agreement with the General Authority for Red Sea Ports for the development, operation, and management of cruise ship berths at Sharm El Sheikh Port.
