The Public Investment Fund, Saudi Arabia'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.
The proceeds will support the company’s strategic objectives of enhancing shareholder returns and optimizing its portfolio, it said.
LogiPoint also divested its 4% direct equity stake in the terminal and will receive gross proceeds of 105 million riyals, it said.
JPMorgan acted as financial adviser on the transaction and Abdulaziz Alajlan & Partners in association with Baker McKenzie Limited acted as legal counsel.
($1 = 3.7504 riyals)
(Reporting by Saeed Azhar; editing by Jason Neely)