Turks take Valletta in global port expansion

A share purchase agreement being forged for the acquisition of some 31% of Valletta Cruise Port plc is part of a massive global expansion by the world’s largest cruise port operator.

Global Liman Isletmeleri or ‘Global Ports Holding’ (GPH) in April secured an Istanbul stock exchange with an offer of over 32 million shares to continue its business expansion.

GPH chief executive Saygin Narin, said the public offering would finance the company’s drive to take up new markets globally.

Global Ports has eight ports in five countries in the Mediterranean and Asia Pacific region, and is the world’s largest cruise port operator by number of ports owned and by passenger volume.

GPH is currently engaged in, or actively considering acquisitions and concession tenders at the Cruise Port of Dubrovnik, Croatia; Venice Cruise Port, and four other cruise ports in Italy; Cruise and ferry passenger terminal and a container port in Riga, Latvia; and Asian cruise ports.

Malta International Airport, together with Bank of Valletta and FSG Limited, entered into a binding share purchases agreement for the sale of 30.97% in VCP to Global Ports, a subsidiary of Global Yatirim Holding. 

“For MIA, this is a strategic sale which allows us to shed non-core investments to focus on our core activities of running our airport,” MIA chief executive Alan Borg said.