DP World Buys 77% Stake in Feedertech Group

Date : 12/03/2019 @ 7:51AM
Source : Dow Jones News

DP World Buys 77% Stake in Feedertech Group

   By Ian Walker 
 

DP World (DPW.NDB) said Tuesday that it has bought a 77% stake in Feedertech Group through its subsidiary Unifeeder.

The Dubai-based port operator hasn't disclosed the price but said it is less than 1% of DP World's net asset value, which was $12.13 billion as of June 30.

Feedertech Group--a Singapore-based company that was founded in 2003--includes two business units: Feedertech, a feedering service, and Perma, a regional shortsea network. It generates annual revenues of over $100 million.

The remaining shareholding in Feedertech will be owned by its founder Ali Maghami, who will remain involved in the business, DP World said.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

December 03, 2019 02:36 ET (07:36 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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