COSCO SHIPPING Ports the world’s leading ports operator, is pleased to announce that, in accordance with the terms and conditions of the share purchase agreement for the acquisition of 20% of the shares of Red Sea Gateway Terminal Company Limited (“RSGT”), all the conditions precedent to completion had been fulfilled and the transaction was completed on 14 July 2021. Upon completion, the Company holds 20% of RSGT shares and RSGT becomes an associate of the Company.

The major asset of RSGT is Red Sea Gateway Terminal, which is a container terminal at the Jeddah Islamic Port in Jeddah, Saudi Arabia managed and operated by RSGT. Red Sea Gateway Terminal currently has an annual container throughput capacity of 5.2 million TEU, making it the largest terminal at the Jeddah Islamic Port, which is also the largest port in Saudi Arabia. The Jeddah Islamic Port is strategically located in the Red Sea region and is close to the major shipping routes. It has a wide coverage of container market in the Middle East and East Africa. In addition, Red Sea Gateway Terminal will upgrade and increase the berth capacity while modernising the terminal yard and other supporting facilities. The Company believes that the new infrastructure and facilities will firmly establish Red Sea Gateway Terminal as the largest logistics gateway, and the busiest container terminal, in Saudi Arabia, and on the Red Sea.