TCI

AD Ports Group invests in Egyptian shipping firms

AD Ports Group will acquire a 70% equity stake in International Associated Cargo Carrier B.V., which wholly owns two Egyptian shipping companies, Transmar International Shipping Company (Transmar ) and Transcargo International S.A.E. (TCI).

The transaction cost is US$140 million (AED 514 million) and the acquisition will be financed entirely from AD Ports Group’s existing cash reserves.

It is important to note that the group’s cash reserves exceeded US$820 million (AED 3 billion) as of 31 March...

https://container-news.com/ad-ports-group-invests-in-egyptian-shipping-firms/

CN, shareholder publicly scuffle over railway’s leadership and direction

A photograph of a train crossing a bridge. There is mountain range behind the train, and the bridge is in the middle of a forest.

Over the next six months, freight rail observers may bear witness to a public relations battle between Canadian railway CN and activist London-based investor TCI Fund Management over CN’s leadership and direction.

Both are seeking to win the hearts of CN shareholders, who will have a meeting on March 22, per TCI’s request. TCI wants shareholders to consider replacing four CN board members with four of its own candidates, as well as replace CN President and CEO JJ Ruest with its pick, Jim Vena, a...

https://www.freightwaves.com/news/cn-shareholder-publicly-scuffle-over-railways-leadership-and-direction

TCI pushes to add industry veterans to CN board, remove CEO

A photograph of a train. There is a mountain behind the train.

An activist shareholder is pushing forward with plans to propose the removal of CN President and CEO JJ Ruest and add four industry veterans to the board following the railroad’s likely failed attempt to acquire Kansas City Southern.

Founder and managing partner Chris Hohn of London-based TCI Fund Management, which owns 5.2% of CN (NYSE: CNI), claims CN has been “underperforming” in recent quarters, as witnessed by a climbing operating ratio compared with other Class I railroads, and that its...

https://www.freightwaves.com/news/tci-pushes-to-add-industry-veterans-to-cn-board-remove-ceo

Northeast Transportation Climate Initiative meets opposition

Three retail fuels industry trade groups oppose TCI.

An initiative in the U.S. Northeast designed in part to drive reduced carbon emissions in the transportation sector has met opposition from the retail fuels industry.

Massachusetts, Connecticut, Rhode Island and the District of Columbia were the first governmental bodies to sign on to the Transportation Climate Initiative Program (TCI-P) earlier this month. That was followed by a joint statement of opposition from NATSO, the National Association of Convenience Stores and the Society of...

https://s29755.pcdn.co/news/northeast-transportation-climate-initiative-meets-opposition

TCI Fund Management seeks climate action from CP and CN

TCI Chris Hohn seeks climate action from CN and CP.

CN (NYSE: CNI) and Canadian Pacific (NYSE: CP) shareholder TCI Fund Management Ltd, has asked both railways to lay out climate action plans at their annual general meetings in 2021. 

TCI has a 2.93% stake in CN and is CP’s largest shareholder with an 8.31% stake.

TCI has an extensive environmental, social and governance (ESG) investment policy regarding climate change. In the proposal sent last week, Christopher Hohn, TCI founder and portfolio manager, asked that the railways establish climate...

https://s29755.pcdn.co/news/tci-fund-management-seeks-climate-action-from-cp-and-cn