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(Alliance News) - Global Ports Holdings PLC said on Friday that it had entered into a subscription agreement with Global Yatirim Holding AS, issuing 5.1 million shares at 206.54 pence each.
Global Ports, a London-based cruise port operator, said the share issuance involved the release of USD13.8 million out of the total amount owed by Global Ports to Global Yatirim Holding, or GIH, under a loan agreement.
GIH is a Turkey-based holding company that invests in port infrastructure, energy generation, and compressed natural gas distribution, mining, and real estate development.
The total number of shares is approximately 8.2% of the current issued share capital of Global Ports.
Global Ports said that the share issuance was required for the company to pursue its strategic plans in the face of a challenging global economic landscape.
"This strategic transformation needs to be underpinned by a strong and stable balance sheet. As a result, the company has decided to complete the [GIH] share issuance to deliver that strengthened position, by reducing the company's debt position," Global Ports explained.
Global Ports noted that the share issuance will have a "commensurate financing cost saving" for the company going forward.
Global Ports shares were down 1.4% at 205.20 pence in London on Monday.
By Will Neill, Alliance News reporter
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