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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.
Saudi Industrial Services Company (“#cisco“) announces the finalization of the sale of a 21.2% minority stake in the Red Sea Gateway Terminal Company to the Public Investment Fund and COSCO Shipping Port Limited for a total consideration of Rs. [556.5 مليون] Saudi Riyal pic.twitter.com/5e3FOj46Eg
– Capital Markets Diwaniyah (@Aswaq_almal) July 15, 2021
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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