Ebrd İnvests İn Turkish Port Operator

The European Bank for Reconstruction and Development (EBRD) and Turkish ports operator Global Yatırım signed a deal on May 6 for the EBRD to buy a 20 percent stake from Global Port's planned initial public offering, worth around 700 million liras (259.34 million dollars), the company said in a written statement to the Public Disclosure Platform (KAP) on May 7.

"In line with the framework agreement, the EBRD will take 20 percent of Global Port's publicly offered stakes at maximum for $60 million and upon the IPO price at maximum" said the statement.

The EBRD will name an independent board member to the company's management board, added the statement.

"What the EBRD pays will be used in financing the transfer of the ownership rights of the ports where the EBRD has operations to the company" said the statement.

Global Port operates and manages ports primarily in Turkey, Montenegro, Spain and Singapore. The company operates the Kuşadası Cruise Port, the Antalya Port, the Bodrum Cruise Port, the Port of Bar, the Cruers and the İzmir Port, among others. - Istanbul