Tanzanian billionaire Rostam Aziz is expected to pocket 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.
Billionaires.Africa reported on Saturday that Adani International Port Holdings is acquiring TICTS, whose core activities include stevedoring, loading, and unloading of container vessels, onshore operations, stuffing and un-stuffing of containers, storage, and cargo delivery to consignees. While the terms of the deal were not disclosed, a source in Tanzania’s competition commission, the Fair Competition Commission, confirmed that the value of the transaction is in close to the mid-eight figures in U.S. dollars.
TICTS’ controlling shareholder is Hutchinson Whampoa, a leading port investor, developer and operator controlled by Hong Kong billionaire, Li-K Shing. Aziz, through his holding company, Taifa Group, owns 10-percent of the container terminal company – a stake which sets him up for a multi-million-dollar windfall when the deal is completed.
Aziz, 59, was the first Tanzanian to boast of a billion-dollar fortune, according to Forbes. Through his conglomerate, Taifa Group, he has business interests in mining, telecom, oil and gas, agribusiness, pharmaceuticals, leather and aviation.