Leading infrastructure solutions provider, Africa Finance Corporation (AFC), has sold its 35% equity investment in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of Ghana’s Takoradi Port, to port and container terminal operator Yilport Holding.
In 2019, AFC committed to invest up to $138 million in equity and debt for the Takoradi Port Expansion Project.
The project, which is approaching the operational phase, reduces the cost of imports and exports to and from the western and central regions of Ghana and neighbouring landlocked countries by modernising a container and multipurpose terminal under a 25-year concession for its design, engineering, financing and construction.
Through this transaction, AFC exits its shareholding, but will continue to be lender to the project, while Ibistek and Ghana Ports & Harbours Authority remain as shareholders in the project.
The acquisition by Yilport Holding, a subsidiary of Amsterdam and Istanbul-based Yildirim Group, represents an entry point into Africa for the company, which plans to transform the port and its adjacent area into a logistics and trading hub, ensuring high volumes of traffic.
A vital seaport in Ghana’s Western Region, Takoradi plays a crucial role in the nation’s economic growth and regional connectivity, and it is well suited to provide linkages to neighbouring landlocked countries.
Samaila Zubairu, president and chief executive of Africa Finance Corporation said: “This exit marks a significant milestone for AFC’s impact on the continent and we take pride in our pivotal role in driving the implementation and de-risking of the Takoradi Port Expansion. The project is reshaping West Africa’s economic landscape and partnering with a reputable investor like Yilport Holding aligns with our mandate to catalyse the inflow of global investment into Africa to transform supply chains, create local jobs and enable resource beneficiation.”
Robert Yuksel Yildirim, chairman and chief executive of Yilport Holding, noted: “The acquisition of a stake in the Atlantic Terminal Services through AFC’s valued partnership marks a momentous occasion for Yilport Holding. This serves as a strategic gateway for us to establish our presence in the African market, and it aligns seamlessly with our commitment to fostering world-class logistics and trading hubs on an international scale.”
