Abu Dhabi, UAE– In its first international acquisition, AD Ports Group has acquired a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International for AED514 million (US$140 million).
AD Ports said the deal will provide it with a market-leading platform for further growth in container, cargo and port operations in Egypt, North Africa and Gulf regions, and along the entire Red Sea.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. Ports along its routes include Adabiya and Sokhna in Egypt; Jeddah, Jubail and Dammam in the Kingdom of Saudi Arabia; Aqaba in Jordan; Port Sudan in Sudan; and Djibouti in Djibouti, Khalifa Port and Jebel Ali in the UAE. It has special capabilities for handling petrochemical products, which make up a significant proportion of trade along these routes.
TCI is a terminal operator and stevedoring company that specialises in project cargo handling, heavy lift, breakbulk, industrial breakbulk, general cargo and container handling, as well as warehousing and storage facilities.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “AD Ports Group prides itself on its proven ability to invest in value-adding partnerships and acquisitions that enhance our portfolio of services and provide new trade connections for our global customers.”