Acquisition (6924K)
July 20 2011 - 2:00AM
UK Regulatory
TIDMDPW TIDM50PC
RNS Number : 6924K
DP World Limited
20 July 2011
DP WORLD EXPANDS INTO SURINAME, SOUTH AMERICA
Dubai, UAE 20 July 2011:- Global Marine terminal operator DP
World Limited ('DP World') announced today that it has expanded its
portfolio to Suriname on the northeast coast of South America,
acquiring a controlling interest in both Integra Port Services
('IPS'), the Company holding a concession for a container and
break-bulk terminal within Nieuwe Haven Port, Paramaribo; and in
Suriname Port Services ('SPS'), the Company that owns a private
break-bulk facility upstream from Paramaribo.
Nieuwe Haven terminal handles origin and destination cargo for
Suriname. The terminal currently has a container throughput
capacity in excess of 100,000 TEU per year, with the potential to
double its capacity to meet demand as growth in the local economy,
together with improved road links into French Guiana and off-shore
oil exploration are set to increase trade volumes in the
future.
In April 2010, IPS was awarded a 15 year concession, with an
option to extend for a further 15 years, to manage and operate its
terminal within Nieuwe Haven. IPS is the largest terminal operator
at the port.
Suriname Port Services is a freehold break-bulk facility about
20 miles upstream from Paramaribo specializing in the handling of
mining and logging equipment, off-shore supply and cement.
DP World will have a management services agreement for both
terminals.
The transaction is expected to close in the third quarter of
2011. The price was not disclosed.
DP World CEO Mohammed Sharaf commented:
'We are very pleased to be adding ports in Suriname to our
global portfolio underpinning our strategy of expansion into the
faster growing markets of South America. We very much look forward
to working alongside our new partners at both IPS and SPS to
further grow the operations and to serve our customers in the
region.'
Matthew Leech, Senior Vice President and Managing Director of
Americas added:
'These terminals are well placed to handle all cargo into
Suriname today but importantly they have the potential to expand in
line with future demand as trade continues to grow, underpinned by
Suriname's diversified natural resources sector, including oil,
gold, bauxite, agriculture, and forestry. Operating the ports in
Suriname will provide our customers with quality services in and
around the southern Caribbean region.'
Capt. Remi Vyzelman, Founder and CEO of IPS and SPS
'We are delighted to welcome DP World to Suriname and we are
looking forward to working with them as our partners in our
terminals. DP World shares Integra's deep appreciation of the key
role that port facilities play in facilitating international trade
and economic development; we have a common business philosophy
about the operation of public port infrastructure which will help
ensure the ongoing success of these terminals and allow them to
continue to act as catalysts for economic development for the
benefit of the Port and the country. '
- END -
Investor Inquiries:
Fiona Piper
DP World Limited
+44 207 901 4142 (direct)
+44 7919 175 602 (mobile)
Fiona.piper@dpworld.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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