UAC AGREES TO SELL 43% STAKE IN DP WORLD LOGISTICS

UAC of Nigeria Plc has agreed to sell its entire 43 per cent shareholding in DP World Logistics Limited to 22 Plus Invest Limited, a member of the Tropical General Investments Group.

UAC disclosed the agreement in a filing with the Nigerian Exchange Limited. The transaction remains subject to the required regulatory approvals.

The stake is in DP World Logistics, formerly known as MDS Logistics Limited. UAC said it had worked with the company’s management over the years to support its growth and expansion.

UAC Group Managing Director, Fola Aiyesimoju, said the company expected TGI to become a strong long-term partner for DP World following completion of the transaction.

TGI Group Vice Chairman, Farouk Gumel, said the proposed acquisition was in line with the group’s plans to strengthen trade and supply-chain operations across Africa.

The transaction is expected to combine DP World’s global logistics capabilities with TGI’s distribution network and local market knowledge.

UAC said it would continue to focus on its other business interests as the transaction progresses through the regulatory approval process.