{"id":27657,"date":"2021-07-15T16:00:02","date_gmt":"2021-07-15T13:00:02","guid":{"rendered":"https:\/\/www.al-sindbad.net\/saudi-pif-chinas-cosco-buy-stake-in-red-sea-gateway-terminal\/27657\/"},"modified":"2021-07-15T16:00:02","modified_gmt":"2021-07-15T13:00:02","slug":"saudi-pif-chinas-cosco-buy-stake-in-red-sea-gateway-terminal","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/saudi-pif-chinas-cosco-buy-stake-in-red-sea-gateway-terminal\/27657\/","title":{"rendered":"Saudi PIF, China&#8217;s COSCO Buy Stake in Red Sea Gateway Terminal"},"content":{"rendered":"<p><\/p>\n<p>The Public Investment Fund, Saudi Arabia&#8217;s sovereign wealth fund, and COSCO SHIPPING Ports Ltd have completed a deal to buy a combined 21.2% stake in Red Sea Gateway Terminal Ltd from Saudi Industrial Services Co (SISCO).<\/p>\n<p><\/p>\n<p>SISCO will receive gross proceeds of 556.5 million riyals ($148 million) for the deal, it said in a statement.<\/p>\n<p><\/p>\n<p>The proceeds will support the company\u2019s strategic objectives of enhancing shareholder returns and optimizing its portfolio, it said.<\/p>\n<p><\/p>\n<p>LogiPoint also divested its 4% direct equity stake in the terminal and will receive gross proceeds of 105 million riyals, it said.<\/p>\n<p><\/p>\n<p>JPMorgan acted as financial adviser on the transaction and Abdulaziz Alajlan &amp; Partners in association with Baker McKenzie Limited acted as legal counsel.<\/p>\n<p>($1 = 3.7504 riyals)\u00a0<\/p>\n<p><\/p>\n<p>(Reporting by Saeed Azhar; editing by Jason Neely)<\/p>\n<p>maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Public Investment Fund, Saudi Arabia&#8217;s sovereign wealth fund, and COSCO SHIPPING Ports Ltd have completed a deal to buy a combined 21.2% stake in Red Sea Gateway Terminal Ltd from Saudi Industrial Services Co (SISCO). SISCO will receive gross proceeds of 556.5 million riyals ($148 million) for the deal, it said in a statement. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":27658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[1156,1218,109,5312,15567,1899,947,997,1254,1256],"class_list":["post-27657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-buy","tag-chinas","tag-cosco","tag-gateway","tag-pif","tag-red","tag-saudi","tag-sea","tag-stake","tag-terminal"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/27657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=27657"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/27657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/27658"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=27657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=27657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=27657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}