Turkey's Global Ports Holding to buy 31% stake in terminal operator VCP

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Turkey's Global Ports Holding to buy 31% stake in terminal operator VCP

Global Ports Holding (GPH) has reached an agreement to acquire a 30.79% stake in Maltese terminal operator Valletta Cruise Port (VCP).

Under the transaction GPH will acquire operational rights of the Valetta Cruise Port, along with around 48,000 m² of associated land and buildings. The cruise port is expected to handle approximately 650,000 passengers during this year.Global Yatirim Holding reported in a statement

"The successful completion of the transaction is subject to legal and regulatory approvals and the waiver of the pre-emption rights by the remaining shareholders of the Company. The total consideration for the shares will be announced following the successful completion of the conditions precedent."

GPH is a cruise port operator with an established presence in the Mediterranean and Asia-Pacific regions, including extensive commercial port operations in Turkey and Montenegro. GPH became the world's largest cruise port operator following its acquisition of Spanish cruise port operator Creuers. The firm operates a portfolio of 8 ports in 5 countries.

Valletta is the capital city of Malta. It is located in the South Eastern Region, in the central-eastern portion of the main island of Malta having its western coast with access to the Marsamxett Harbour and its eastern coast in the Grand Harbour, where the VCP is located.

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