The AD Ports Group has entered into an agreement to acquire a 70 per cent equity stake in International Associated Cargo Carrier, which wholly owns Egypt-based maritime companies Transmar International Shipping Company and Transcargo International (TCI).
Transmar is a regional container shipping company that operates across the Middle East, the Red Sea, the Arabian Gulf, and the Eastern Coast of Africa.
TCI is a terminal operator and stevedoring company, mainly operating out of Adabiya Port, where it is the exclusive container operator. Its two lines of business are container and bulk cargo services.
The total purchase consideration of the transaction amounts to AED514 million (US$140 million).
