Istithmar PJSC acquires Inchcape Shipping Services

Commenting on its latest acquisition, Istithmar Managing Director, Osman Qureshi, said:

"ISS has set the pace by combining the latest web-based technology with the unparalleled expertise of its people, strategically positioned around the globe, to stay ahead in an ever-changing maritime environment and delivering premium services to the world's leading vessel operators".

David Jackson, Chief Investment Officer of Istithmar added that as a firm, Istithmar coordinates the appraisal and implementation of numerous entrepreneurial ventures identifying companies with a strong potential for growth and success.

"Istithmar's primary focus is growth and asset appreciation through a diverse portfolio of investments. Moving forward, we will pursue a broader strategy expanding acquisitions internationally," Jackson said.

Simon Morse, Group CEO of ISS said: "With Electra we have been able to transform the value of the service we provide our clients through the specialist local knowledge of our people and by extending the scope of our service from the port to the voyage. We now much look forward to working with Istithmar who are able to provide us with an unrivalled platform to achieve our mutual ambition to expand both the number of vessels handled and the scope of global services provided to our clients."

"The roots of the Inchcape Group can be traced back to the Gulf through the Gray-Mackenzie partnership and the region remains a cornerstone of the Group representing 30% of Group profits today", he added.

ISS manages over 50,000 port calls each year through a network of 2,300 people located in 210 ports in over 50 countries. With over 2,500 clients across the oil, cruise, navy, container and commodity sectors ISS, in partnership with some of the world's leading operators, has developed an innovative menu of tailored services. These range from local trouble shooting to our global voyage management package. Electra had acquired ISS from Inchcape Plc in March 1999.