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05 March 2021 The on-line newspaper devoted to the world of transports 17:26 GMT+1



January 27, 2021

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Original news
COSCO Shipping Ports to acquire 20% of Saudi Arabian Red Sea Gateway Terminal

Saudi sovereign wealth fund GDP is also a new shareholder

Chinese terminal group COSCO Shipping Ports to become shareholder in Red Sea Gateway Terminal (RSGT), the which operates the container terminal of the same name in the Saudi port of Jeddah which opened in 2012 ( of the 23rd April 2012).

Currently the rsgt members are Saudi Red Sea Ports, the Saudi SISCO, the City Island which is wholly controlled mmc international holdings, saudi xenel and the Tusdeerm, which is a 76:24 joint venture between SISCO and Xenel, holding 60.0%, 21.2%, 8.0%, 6.8% and 4.0% respectively. of RSGT's capital. In turn, Red Sea Ports is owned by SISCO, City Island, Xenel, Xenel Maintenance and Tusdeer holding 53%, 20%, 16%, 1% and 10% respectively capital. These members have signed up with Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, and with COSCO Shipping Ports a deal to sell them 40% of the capital of the RSGT for a total of 1.05 billion yal (280 million dollars).

The agreement provides that each of the two new members, who will hold 20% each of rsgt's capital, SISCO sells the 10.6% of the capital for $74.2 million, City Island dies 4.0% for 28 million, Xenel sells 3.4% of the capital for 23.8 million and Tusdeer 2.0% for $14 million.

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