The Public Investment Fund of The Kingdom of Saudi Arabia entered into a Share Purchase Agreements to acquire 20% stake in Red Sea Gateway Terminal Company Ltd from Saudi Industrial Services Company (SASE:2190), Xenel Industries Limited, Saudi Trade and Export Development Company Limited and MMC International Holdings Limited for $140 million on January 27, 2021. In related transaction, Sound Joyce Enterprises Limited entered into a share purchase agreement to acquire 20% stake in Red Sea Gateway Terminal Company Ltd from MMC International Holdings Limited, Saudi Industrial Services Company (SASE:2190), Saudi Trade and Export Development Company Limited and Xenel Industries Limited. As per the transaction, The Public Investment Fund of The Kingdom of Saudi Arabia will acquire 0.11 million shares of Red Sea Gateway Terminal Company Ltd. Upon Completion, RSGT will be owned as to approximately 60% by Red Sea Ports, 20% by Sound Joyce and 20% by PIF, respectively. RSGT Board which is to be comprised of nine members, five members shall be appointed by Red Sea Ports, two members shall be appointed by Sound Joyce and two members shall be appointed by PIF. As at June 30, 2020, Red Sea Gateway Terminal Company Ltd reported net assets of SAR 948.3 million ($252.8 million). The transaction is subject to Saudi Arabian Ports Authority, contractual conditions, as well as other customary regulatory and third party approvals and other customary approval. The completion of the transaction is expected in first half of 2021. As of March 16, 2021, the transaction is expected to close in Fiscal 2021. JPMorgan Chase & Co. acted as financial advisor to Saudi Industrial Services Company, Xenel Industries Limited, Saudi Trade and Export Development Company Limited and MMC International Holdings Limited. Abdulaziz Alajlan & Partners acted as legal advisor to Saudi Industrial Services Company, Xenel Industries Limited, Saudi Trade and Export Development Company Limited and MMC International Holdings Limited. Baker & McKenzie Limited acted as legal advisor to Saudi Industrial Services Company, Xenel Industries Limited, Saudi Trade and Export Development Company Limited and MMC International Holdings Limited. HSBC Saudi Arabia Limited acted as financial advisor to The Public Investment Fund of The Kingdom of Saudi Arabia. Freshfields Bruckhaus Deringer LLP and The Law firm of Salah Al-Hejailan acted as legal advisor to The Public Investment Fund of The Kingdom of Saudi Arabia. The Public Investment Fund of The Kingdom of Saudi Arabia completed the acquisition of 20% stake in Red Sea Gateway Terminal Company Ltd from Saudi Industrial Services Company (SASE:2190), Xenel Industries Limited, Saudi Trade and Export Development Company Limited and MMC International Holdings Limited on July 15, 2021. All the necessary conditions and regulatory approvals have been obtained.