Abu Dhabi’s AD Ports Group is set to acquire a 70% equity share in International Associated Cargo Carrier, which owns two Egypt-based maritime companies. Splash 247 reported that the deal was valued at $145 million (R2.4 billion).
One of the Egypt-based companies is Transmar, which is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and eastern coast of Africa. The other is Transcargo, a terminal operator and stevedoring company, mainly operating out of Adabiya port, where it is the exclusive container operator.
This deal is the most recent in a succession by AD Ports Group in the Egyptian maritime space. Other agreements include that with the Egyptian Group for Multipurpose Terminals, and an agreement with the General Authority for Red Sea Ports for the development, operation, and management of cruise ship berths at Sharm El Sheikh Port.
