Global Ports Holdings PLC said on Friday that it had entered into a subscription agreement with Global Yatirim Holding AS, issuing 5.1 million shares at 206.54 pence each.

Global Ports, a London-based cruise port operator, said the share issuance involved the release of $13.8 million out of the total amount owed by Global Ports to Global Yatirim Holding, or GIH, under a loan agreement.

GIH is a Turkey-based holding company that invests in port infrastructure, energy generation, and compressed natural gas distribution, mining, and real estate development.

The total number of shares is approximately 8.2% of the current issued share capital of Global Ports.

Global Ports said that the share issuance was required for the company to pursue its strategic plans in the face of a challenging global economic landscape.

‘This strategic transformation needs to be underpinned by a strong and stable balance sheet. As a result, the company has decided to complete the [GIH] share issuance to deliver that strengthened position, by reducing the company’s debt position,’ Global Ports explained.

Global Ports noted that the share issuance will have a ‘commensurate financing cost saving’ for the company going forward.

Global Ports shares were down 1.4% at 205.20 pence in London on Monday.

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