RIYADH: Saudi Industrial Services Company SISCO has raised SR556.5 million ($148.2 million) from the sale of its minority stake in in the Red Sea Gateway Terminal.
It sold the 21.2 percent stake to the Public Investment Fund and COSCO SHIPPING Ports Limited, it said in a stock exchange filing.
The overall deal involved the sale of SISCO’s 21.2 percent direct equity stake in the terminal along with sale by one of its units of a 4 percent direct equity stake.
Other minority shareholders sold their 14.8 percent equity stake to both PIF and CSPL on a pro-rata basis, the statement said.
It comes amid a flurry of investment activity in the ports sector of Saudi Arabia and the wider Gulf region.
The transaction implies an enterprise value for the terminal of some SR3.3 billion, SISCO said.
JPMorgan was financial adviser on the deal while Abdulaziz Alajlan & Partners and Baker McKenzie provided legal counsel.