AD Ports Group will acquire a 70% equity stake in International Associated Cargo Carrier B.V., which wholly owns two Egyptian shipping companies, Transmar International Shipping Company (Transmar ) and Transcargo International S.A.E. (TCI).
The transaction cost is US$140 million (AED 514 million) and the acquisition will be financed entirely from AD Ports Group’s existing cash reserves.
It is important to note that the group’s cash reserves exceeded US$820 million (AED 3 billion) as of 31 March 2022.
“This is the first overseas acquisition in AD Ports Group’s history, and an important milestone in our ambitious international expansion plan. This acquisition will support our wider growth targets for North Africa and the Gulf region and broaden the portfolio of services we are able to offer in those markets,” commented Falah Mohammed Al Ahbabi, chairman of AD Ports Group.
He added, “AD Ports Group continues to diversify and take bold steps to expand our reach around the world, in line with the vision and guidance of our wise leadership.”
Transmar is a container shipping company operating in the Middle East, Red Sea, Arabian Gulf and East Coast of Africa. In 2021, the company handled 109,000 TEU.
TCI is a terminal operator and stevedoring company, which operates primarily out of the Adabiya Port, where it is the sole container operator. In the last year, the company handled 92,500 TEU and 1.2 million tonnes of bulk cargo.
 In total, the two Egyptian companies reported LTM and EBITDA revenues of US$88,48 million (AED 325 million) and US$29,40 million (AED 108 million), respectively.
“The acquisition of Transmar and TCI, which both have strong regional presences and deep client relationships, is another key step in increasing our geographical footprint and bringing the benefits of our integrated portfolio of services to more customers,” said Captain Mohamed Juma Al Shamisi, managing director and CEO of AD Ports Group.
This agreement is the latest in a series by AD Ports Group in the Egyptian shipping industry, including deals with the Egyptian Group for Multipurpose Terminals and the General Authority for Red Sea Ports.
