Turkish port operator to acquire 31% stake in Valletta Cruise Port plc

A 31% shareholding in Valletta Cruise Port plc, owned by Malta International Airport, BOV and FSG Limited, is to be acquired by Turkish port management operator Global Liman Isletmeleri.

Global Liman Isletmeleri operates and manages ports primarily in Turkey, Montenegro, Spain, and Singapore. The company operates the Kusadasi Cruise Port, Antalya Port, Bodrum Cruise Port, Port of Bar, Cruers, Izmir Port, and Malaga port. It also engages in real estate; storage; and marine vehicle trade operations.

MIA, together with Bank of Valletta and FSG Limited, entered into a binding share purchases agreement for the sale of 30.97% in VCP to GLI, a subsidiary of Global Yatirim Holding.

The transaction is subject to regulatory approvals and the waiver of the pre-emption rights by the remaining shareholders of the VCP to allow the transactions to be completed in accordance with the terms agreed in the share agreement.

The total consideration for the shares will be announced following the successful completion of the transactions.

“For MIA, this is a strategic sale which allows us to she non-core investments to focus on our core activities of running our airport,” MIA chief executive Alan Borg said.

“For VCP, the addition of a strategic shareholder with an importance presence in the cruise market will certainly add immense value to VCP’s business in the cruise industry. The transaction has been made possible through the co-operation between three shareholders in VCP selling their shares as one stake in the company.”