Is UAE’s Gulftainer the next port of call for QIC Ltd?

QIC is understood to have approached firms including privately owned United Arab Emirates company, Gulftainer, about joining forces on global port deals.

Sources told Street Talk the Australian infrastructure fund manager wanted to better understand the industry logistics chain from road and rail to ports.

One way for QIC, which focuses on owning or leasing infrastructure, to do this is by teaming up with a port management and logistics company such as Gulftainer.

Its operations include the Khorfakkan Container Terminal and the Sharjah Container Terminal (SCT), and the company’s presence spans the Middle East, Europe, and the Americas.

In 2014, Gulftainer won a US operations contract for Port Canaveral on Florida’s east coast.

The Gulftainer discussions are said to be informal as QIC focuses on other priorities including a final offer for Port of Melbourne. Binding bids are due late next month.

QIC has teamed with Global Infrastructure Partners and Borealis Infrastructure.QIC is seeking to invest in the port on behalf of one of its biggest clients, The Future Fund. The Future Fund’s involvement has piqued the competition regulator’s interest because it also has a minority stake in stevedore DP World Australia, held through Corsair Infrastructure Management.

The ACCC is reviewing QIC and partners’ bid and is expected to update the market on August 18.

Elsewhere, George Wang’s APP Securities has been hit with another high-profile exit.

Street Talk understands Chris Forte, one of the firm’s top three revenue writers, has departed APP in Melbourne to join PhillipCapital.

Other advisers are expected to leave in coming weeks, which would add to a string of recent departures including head of research Brett Le Mesurier.

Source: The Financial Review