Cosco Shipping Ports completes acquisition of stake in RSGT
Company announces it has completed acquisition of 20% of Red Sea Gateway Terminal Company (RSGTCo).
Cosco Shipping Ports (CSP) has acquired a 20% stake in RSGT. Upon completion of the deal RSGT will become an associate company of the port operator.
RSGT main asset is the Red Sea Gateway Terminal at the Jeddah Islamic Port in Saudi Arabia, which has an annual throughput capacity of 5.2m TEU, making it the largest terminal at the port.
With the recent surge in shipping, CSP expects Jeddah and Red Sea Gateway Terminal to expand and fuel the company’s growth.
As of 31st March CSP operated and managed 357 berths at 36 ports worldwide, with a combined annual handling capacity of 118 TEU.
