Turkey's Global Ports acquires EUR 8 million worth of shares in Bar-based Kontejnerski Terminal

Turkish company Global Ports from Istanbul has acquired a majority stake in Bar-based Kontejnerski Terminal for EUR 8 million, the Montenegrin government said in a release.

A sales agreement for 62.1 percent stake in the Kontejnerski Terminal company was signed in Podgorica by Branko Vujovic, president of the Montenegrin government's Tender Committee for Privatization, and Global Ports Executive Director Saigin Narin.

As it was announced, Global Ports has promised to invest EUR 13.5 million in container terminal restructuring over the next three years.

According to the sales agreement, the Turkish company will also implement an additional investment program worth EUR 7.6 million within five years following the restructuring phase.

Global Ports currently manages three leading commercial and cruising ports in Turkey, one of which features a container terminal.