Saudi Investment Fund and Chinese “COSCO” buy 21.2% of Red Sea Gateway محطة station



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Saudi Investment Fund and

RT

The Saudi Public Investment Fund and the Chinese company COSCO Shipping Ports have reached an agreement to purchase a combined 21.2% stake in the Red Sea Gateway Terminal Company from the Saudi Industrial Services Company.

The Saudi Industrial Services Company (SISCO) said in a statement that it would receive total amounts of 556.5 million riyals ($ 148 million) from the agreement, noting that the amounts would support the company’s strategic goals. improving shareholder returns and enhancing its portfolio.

The statement added that the Saudi company “Logi Point” has also liquidated 4% of its direct stake in the station and will receive a total amount of 105 million riyals.

JP Morgan acted as financial advisor in the transaction, and Abdulaziz Al-Ajlan & Co. and Baker McKenzie Ltd. acted as legal advisor.

Source: “Reuters”



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