Sale of Antalya Port Completed

Sale of Antalya Port has been completed. Global Investment Holding announced that the sale of Antalya Port to Qataris has been completed.

Making a statement on the subject, Global Ports Chairman Mehmet Kutman stated that with the sale, a significant part of the refinancing of 250 million dollars Eurobond, which will expire in November 2021, has been met. Kutman also stated that negotiations have started for Port Of Adria Montenegro, the only commercial port remaining in their portfolio. Global Investment Holding Inc. (GLYHO) gave information to KAP on the sale of its indirect subsidiary Global Ports Holding Plc (GPH) Ortadoğu Antalya Liman İşletmeleri A.Ş. ("Port Akdeniz") to QTerminals W.L.L. In the aforementioned statement, GPH's orientation to the said sale transaction has fulfilled all the prerequisites and the necessary legal approvals have been obtained, so that the sale of Port Akdeniz to QTerminals at a company value of TL 1.033.158.00 (US $ 140 million) previously announced to the public. It was reported that the company announced the completion of the sale in January 25, 2021. As a result of the arrangements made according to the net debt and debt-like items of Port Akdeniz, the sales price was recorded as 849,837,111 TL. In the statement made to the PDP, it was stated that QTerminals paid 764,853,400 TL of the total price in cash, while the remaining 84,983,711 TL of the amount will be paid in the last quarter of this year at the Central Bank exchange rate on the day of the payment. In the statement made regarding the sale transaction, it was noted that the stated value in TL was calculated over the CBRT's foreign exchange US Dollar buying rate on January 25, as 7,3797. Global Ports Chairman Mehmet Kutman stated in a written statement that a significant portion of the refinancing of 250 million dollars of Eurobond, which will expire in November of this year, has been met with the sale. Kutman also said that negotiations have started for Port OF Adria Montenegro, the only commercial port remaining in their portfolio.     Source: Bloomberg HT