Saudi PIF, COSCO buy 21.2% stake in Red Sea Gateway Terminal

COSCO SHIPPING Ports

15/07/2021 07:41

DUBAI, July 15 (Reuters) - The Public Investment Fund, Saudi
Arabia's sovereign wealth fund, and COSCO SHIPPING Ports Ltd
 1199.HK  have completed a deal to buy a combined 21.2% stake in
Red Sea Gateway Terminal Ltd from Saudi Industrial Services Co
(SISCO)  2190.SE .
    SISCO will receive gross proceeds of 556.5 million riyals
($148 million) for the deal, it said in a statement.
    The proceeds will support the company’s strategic objectives
of enhancing shareholder returns and optimising its portfolio,
it said.
    LogiPoint also divested its 4% direct equity stake in the
terminal and will receive gross proceeds of 105 million riyals,
it said.
    JPMorgan acted as financial adviser on the transaction and
Abdulaziz Alajlan & Partners in association with Baker McKenzie
Limited acted as legal counsel.
    ($1 = 3.7504 riyals)

 (Reporting by Saeed Azhar; editing by Jason Neely)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))