Abu Dhabi Ports Group has agreed to purchase a 70% equity interest in International Associated Cargo Carrier (IACC) in a deal worth $140m (AED514m).
The company will finance the deal using its cash reserves, which were $816m (AED3bn) at the end of March.
IACC has a 200,000m² terminal near the King Abdul Aziz seaport and offers container-related services in the Kingdom of Saudi Arabia.
Its container services include maintenance and repair as well as cleaning and tarpaulin fixing.
The company also...
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