Global Ports’ LSE roadshow drives up Istanbul-listed parent’s shares

By bne IntelliNews May 9, 2017

Global Yatirim Holding’s shares were up 1.88% d/d to TRY3.26 as of 15:20 local time on May 9 on expectations that its port operating unit Global Ports Holding (GPH) will achieve a successful London Stock Exchange (LSE) IPO roadshow.

The annual gain on Global Yatirim shares reached 100% after the conglomerate announced on May 5 that GPH, the largest international operator of cruise ports, has launched a roadshow to sell shares worth a minimum $200mn for its planned LSE listing.

Global Ports plans to complete the roadshow on May 11, with the outcome to be published on May 12.

The interest in Global Ports’ roadshow raised expectations for the successful completion of the public offering, Bloomberg reported on May 8.

The expected price range for the IPO has been set at between 735-875 pence sterling per share, which will result in a company market capitalisation of $598mn to $697mn.

The European Bank for Reconstruction and Development (EBRD) owns a right to sell up to 70% of its total 10.84% stake in Global Ports in the IPO.

GPH plans to use the majority of the net proceeds from the IPO to develop and expand its cruise business. It is in discussions with a number of cruise port acquisition targets, including nine ports in Europe, seven ports in the Caribbean and four ports in Asia, GPH said on May 2 in a filing with the LSE.

GPH is the world's largest independent cruise port operator by its number of ports and passenger volume. It operates 14 ports in eight countries, serving cruise liners, ferries, yachts and mega-yachts.

Global Yatirim Holding Financials (consolidated)
(mn TRY) end-14 end-15 14/15 end-16 15/16
Total Assets 2,599 3,439 32% 3,875 13%
Total Shareholders' Equity 743 975 31% 908 -7%
  2014 2015 14/15 2016 15/16
Revenues 356.65 552 55% 630 14%
Gross Margin 110.98 174 57% 220 26%
Operating Income 9.3 16 97% 22 40%
Net Income -63.6 -48 -60% -130 171%
source: kap

Related Articles

Turkish footwear manufacturers step up investments in Uzbekistan’s leather and footwear industries

Turkish footwear manufacturers are stepping up their investments in Uzbekistan’s leather and footwear industries, according to local reports. A $1mn investment in the manufacture of leather, ... more

Shipping companies latest to feel effects of “West’s very tight blockade against Turkey’s banking system", says report

Shipping companies are the latest to feel the effects of “the West’s very tight blockade against the Turkish banking system”, according to a report by Turkish publication Ekonomim. In ... more

“Panic buys” push up white goods sales in Turkey as consumers fret over impending credit card curbs

White goods sales in Turkey moved up 22% y/y in January as anxious consumers rushed to stores to make “panic buys” ahead of possible government measures to curb credit card spending, according to ... more

Dismiss