China Merchants, China COSCO Buy Turkey Terminal

 

Fina Liman is an investment-holding company that owns and operates a port terminal in Turkey. The acquisition gives the consortium access to the terminal of Fina’s subsidiary Kumport.

 

Kumport Terminal is a modern container terminal in the Ambarli Port Complex, which is on the northwest coast of the Marmara Sea on the European side of Istanbul, Turkey. 

 

The Company, CMHI and CIC Capital, through their respective wholly-owned subsidiaries, hold 40%, 40% and 20%, respectively, of the shares in the Consortium SPV. The Consortium SPV is not a subsidiary of the Company and will be accounted for as a joint venture of the Company in its financial statements. 

 

On 16 September 2015, the Consortium SPV as purchaser, Fina Holding as seller and the Company, CMHI and LIC (a wholly-owned subsidiary of CIC) as guarantors entered into the Fina Liman SPA for the sale and purchase of the Fina Liman Shares, representing approximately 64.522% of the issued share capital of Fina Liman. 

 

The remainder of the shares in Fina Liman, representing approximately 35.478% of its issued share capital, are held by Turkac. On the same day, the Consortium SPV as purchaser, the Kumport Minority Shareholders as sellers and the Company, CMHI and LIC as guarantors entered into the Kumport SPA for the sale and purchase of the Kumport Shares, representing approximately 1.346% of the issued share capital of Kumport. 

 

The remainder of the shares in Kumport, representing approximately 98.654% of its issued share capital, are held by Fina Liman.