KIA buys 10% stake in Associated British Ports

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KIA buys 10% stake in Associated British Ports

Kuwait Investment Authority (KIA), the Kuwait's sovereign wealth fund, has acquired a 10% stake in Associated British Ports (ABP)

The shareholdings in the group now are: 33.3% owned by Borealis, 33.3% by Anchorage Ports LLP, 23.3% by Cheyne Walk Investment Pte Ltd and 10% by the KIA.

ABP is the U.K.'s leading ports group; it owns and operates 21 ports in England, Scotland, and Wales. ABP's business as a landlord port owner and operator is underpinned by a diverse cargo base, long-term contracts with a broad mix of blue chip customers and high quality assets.

ABP was taken private in 2006 for £2.8 billion by the above mentioned consortium. At that moment, ABP was de-listed from the London Stock Exchange. In 2013 ABP had revenue of £503.8 million (+6.8 % compared to 2012) and an underlying operating profit of £250 million (+8.8 % compared to 2012). Traffic figures also grew at around 4 % during 2013.

In early July we reported that Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure completed the acquisition of a 33.33% stake in ABP from GS Infrastructure Partners and Infracapital.

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