THE CANADIAN pension scheme that bought out Forth Ports earlier this month has fulfilled its pledge to attract further long-term investors after selling minority stakes to a range of pension businesses.
Public Sector Pension Investment Board (PSP), which initially bought a stake in the ports business in 2011, acquired the remainder of the company from Arcus Infrastructure Partners at the beginning of October.
READ MORE: Canadian pension takes ownership of Forth Ports
It has now sold portions of the business to UK local government pension scheme joint venture GLIL Infrastructure and Australian superannuation businesses First State Super and Construction and Building Unions Superannuation.
Forth Ports chief executive Charles Hammond said the move gives the firm “a long-term stable shareholding base which will help and support us in implementing our growth strategy”.
“We look forward to continuing our long and stable association with PSP Investments, while at the same time commencing a new partnership with First State Super, Cbus and GLIL,” he said.
READ MORE: Ports operator unveils strategic skills investment at Grangemouth
Forth Ports, which listed on the London Stock Exchange in 1992 and was taken private by Arcus in 2011, owns a number of Scottish assets, including the Port of Rosyth and Port of Dundee.
It is in the process of creating a hub for the handling of agricultural products at the former and an oil and gas decommissioning hub at the latter.
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