Turkish Global Ports is considering selling its stake in the Port of Adria

Turkish company Global Ports is considering the possibility of selling its stake in Port of Adria from Bar, the former Container Terminals of the state Port of Bar.

This is stated in the letter of Global Ports, which was published on the website of the London Stock Exchange, after they sold the port of Akdeniz in Turkey, Vijesti reports.

After this sale, the company was obliged to inform the shareholders about its further plans, among which is the company from Bar, of which they are the majority owner.

As a result of the sale of the Port of Akdeniz, the Board of Global Ports Holding is considering the possibility of a Port of Adria, a commercial port in Bar. It is not yet known when and whether the terms of the sale will be agreed. A statement to that effect will be issued when appropriate, it is stated from this company.

Global Ports states in the letter that it sold the port in Turkey for 140 million euros, and that it is now turning more to the management of cruise ports than to cargo ports.

The Board and senior management will now focus time and resources on restarting cruise port operations during 2021 and continuous expansion in the global cruise market. Despite current travel restrictions and uncertainty over the return of significant global cruises, the Global Ports Holding Board believes that the continued demand for cruises, as evidenced by travel reservations for 2021 and beyond, supports projected long-term growth in cruise tourism, they point out in a letter from the companies.

In 2013, Global Ports bought 62 percent of the shares of Container Terminals from the Government of Montenegro for eight million euros, with the obligation to invest 13.5 million euros within three years, and an additional 7.6 million euros. The new owner also undertook to provide 6.5 million for the social program for workers.

According to the financial report for the first nine months of last year, Port of Adria is at a loss of 1.4 million euros, while at the end of September, the total accumulated loss from previous years increased to 29.8 million euros.

The auditor states that in January 2020, the majority owner gave a letter of guarantee “in which he expresses his intention to provide financial support to the company needed for uninterrupted operations for a period of 12 months.”

In 2018, Global Ports also guaranteed a long-term loan of 20 million euros, which the bar company took from the European Bank for Reconstruction and Development.

Source: Vijesti