Singapore sovereign wealth fund GIC has taken a 10% stake Terminal Investment Ltd (TIL) the port operating arm of Mediterranean Shipping Company (MSC).
GIC has acquired the 10% stake in TIL from Global Infrastructure Partners and other investors, no financial details were disclosed.
TIL is the world’s sixth largest terminal operator with 36 facilities in operation and one under development in 24 different countries, including a joint venture terminals in Singapore and Antwerp with PSA.
“We are pleased to invest in TIL, given its strong business alignment with its majority shareholder, MSC, and attractive growth potential from its pipeline of both existing and new terminals,” said Ang Eng Seng, chief investment officer of Infrastructure for GIC.
“We expect TIL to be well-placed to benefit from the increasing demand for containerized goods as the global middle class and manufacturing outsourcing continue to expand. As a long-term investor, we look forward to partnering with MSC, TIL’s management and GIP to support the future growth of the company.”
It increases Singapore’s already significant investments in the global terminal operating industry. PSA Corp is 100% owned by state company Temasek Holdings, and it PSA in turn holds a 20% stake in its Hong Kong-headquartered rival Hutchison Ports.