Cosco Shipping Ports finalises deal to acquire 20pc stake in RSGT
HONG Kong-listed and investor in ports, Cosco Shipping Ports, announced that it has completed acquisition of 20 per cent shares of Red Sea Gateway Terminal Company (RSGT).
Upon completion of the deal RSGT will become an associate company of Cosco Shipping Ports, reports Colchester's Seatrade Maritime News.
The main asset of RSGT is Red Sea Gateway Terminal, a container terminal at the Jeddah Islamic Port, Saudi Arabia, managed and operated by RSGT. Red Sea Gateway Terminal currently has an annual container throughput capacity of 5.2 million TEU, the largest terminal at the Jeddah Islamic Port, which is also the largest port in Saudi Arabia.
Located in the Gulf Region with abundant resources, Saudi Arabia is an important country along the "Belt and Road Initiatives". With the growth of maritime trade in the future, it is expected that the container throughput at the Jeddah Islamic Port and Red Sea Gateway Terminal will keep growing in the future, bringing new growth engine for Cosco Shipping Ports, the company said.
At the end of March, Cosco Shipping Ports operated and managed 357 berths at 36 ports worldwide, of which 210 were container ports, with a combined annual handling capacity of 118 million TEU.