DP World revamps Belgian ops with $61m sale
Antwerp (Belgium), September 20, 2012
DP World, the world's third-largest port operator, has sold some non-core operations in Belgium in a deal worth $61 million as part of a series of disposals of assets in developed countries.
The company said it has divested all 60 per cent of its shares in DP World Breakbulk NV and AProjects NV to Orienta NV. The value of the assets sold was $61 million, DP World said in a bourse statement.
DP World Breakbulk is a joint venture formed in 2007 and operates a general cargo terminal at the Port of Antwerp, while AProjects offers logistical services.
Global marine terminal operator DP World is one of the more profitable parts of debt-laden Dubai World which operates three terminals in Belgium.
Rob Harrison, the managing director of DP World’s businesses in Belgium said, “This sale forms part of a restructure of our businesses here in Antwerp, Belgium and will allow us to strategically focus on our expertise in excellent container terminal management and technical capability in which we have extensive experience.”
DP World, which makes the bulk of its money from regional operations, has been selling assets in developed markets, including the $1.5 billion sale of its Australian operations to private equity firm Citi Infrastructure Investors (CII) last year.
In July, DP said it was forced to hand over its 60 per cent holding in Adelaide's container terminal to Flinders Port after the Australian firm exercised its right to buy the stake. The company also sold its 34 per cent stake in UK-based Tilbury Container Services for $75.48 million in January.-Reuters and TradeArabia News Service