In a bid to boost the company’s operations, the European Bank for Reconstruction and Development (EBRD) is investing in a minority stake of the Turkish port operator Global Ports Holding (GPH), according to the EBRD.
The investment will take place alongside Global Ports’ expansion abroad, which intends to create network synergies and integration among its ports.
The proceeds of the bank’s investment will be used to finance the company’s future investments in ports in countries where the EBRD invests.
EBRD plans to make the company more competitive in both Turkey and abroad, and aims to achieve this by nominating a member for the board of Global Ports, who will advance corporate governance for the company.
Mehmet Kutman, Chairman of Global Ports, said: “I am honoured to follow the footsteps of the founder of GPH, Gregory M. Kiez, by welcoming the EBRD as our partner, which will support our expansion plan, especially in the cruise port arena where our company is the leading operator worldwide.”
Fact File: EBRD’s Turkish investments started in 2009. It currently operates from offices in Istanbul, Ankara and Gaziantep. In 2014, Turkey became the leading recipient country of the EBRD, with new investments worth more than US$1.5 billion.
Fact File: GPH has eight ports in five countries in both the Mediterranean and Asia Pacific region. It is an arm of Global Yatirim Holding AS (Global Investment Holdings) which operates in the infrastructure, real estate, energy and financial services sectors in Turkey.