Safeen Feeders, AD Ports Group’s feeder services company, has signed an agreement with Abu Dhabi-listed Invictus Investment to launch a new international dry bulk shipping service.
Under the terms of the deal, the two companies will purchase ships through special purpose vehicles, in which Safeen Feeders will have an 85 per cent stake and the remaining 15 per cent will be owned by Invictus Investment.
Safeen Feeders and Invictus Investment will also form a joint venture to operate the service. Safeen Feeders will own 51 per cent of the joint venture, while Invictus Investment will have 49 per cent, AD Ports Group said on Monday.
The two companies are expected to invest about Dh463 million ($126m) in the vessels, it said.
“This is an important agreement for AD Ports Group as we look to expand the diverse portfolio of international dry bulk services that we provide for customers and strengthen food security in the region and around the world,” said Mohamed Al Shamisi, managing director and group chief executive of AD Ports Group.
Read More : https://www.thenationalnews.com/business/2022/09/26/ad-ports-groups-safeen-feeders-unveils-dry-bulk-shipping-service-with-invictus/
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