Dubai - Mubasher: DP World said that its fully-owned subsidiary, Unifeeder, has acquired a majority stake of 77% in Feedertech Group, a Singapore-based feeder and shortsea operator.
The transaction totals less than 1% of DP World’s net asset value (NAV) and is expected to close over the first quarter of 2020, said a recent press release.
In addition, Feedertech’s founder, Ali Maghami, “will retain the remaining 23% shareholding and remain involved in the business.”
The transaction will expand Unifeeder to the fast-growing Asia-Indian Subcontinent-Gulf trade routes.
