PH
Tanzanian billionaire Rostam Aziz is expected to make millions of dollars from the sale of his stake in Tanzania International Container Terminal Services (TICTS), the country’s largest container terminal, to Adani International Port Holdings, a multinational port operator and logistics company owned by India’s richest man, Gautam Adani.
On Saturday, it was revealed that Adani International Port Holdings is acquiring TICTS, whose key activities include stevedoring, loading, and unloading container vessels, onshore operations, container stuffing and un-stuffing, storage, and cargo transportation to consignees. While the terms of the deal were not published, a source at Tanzania’s Fair Competition Commission stated that the transaction is valued in the mid-eight figures in US dollars.
Hutchinson Whampoa, a renowned port investor, developer, and operator owned by Hong Kong billionaire Li-K Shing, holds the majority stake in TICTS. Aziz controls 10% of the container port company through his holding company, Taifa Group, which positions him for a multimillion-dollar windfall when the transaction is completed.
According to Forbes, Aziz, 59, was the first Tanzanian to boast a billion-dollar fortune. His company, Taifa Group, has holdings in mining, telecom, oil and gas, agribusiness, medicines, leather, and aviation.
