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FINANCIAL NEWS
Global Ports acquires DP World’s stake in Russia’s Vostochnaya
22 Oct 2012
(MENAFN) DP World, the Dubai port operator, said that it has sold its stake in Russia’s Vostochnaya Stevedoring Co for USD230 million to Global Ports Investment, reported Reuters.
The sale comes as the company, which sold its operations in Belgium in September and quit its venture in Yemen, plans to organize non-core assets.
The sale gives Global Ports a full control of the Russian container terminal, as it already holds a 78-percent stake in the terminal.
Global Ports’ chairman, Nikita Mishin, stated that the purchase is part of the firm’s plans to pursue further growth in Russia and CIS countries.
The Vostochnaya Stevedoring is the largest container terminal in the Far East of Russia and one of the main gateways for Russian container transport.
It is worth noting that DP World is one of the more profitable assets of debt-laden Dubai World. Its net debt reached USD3.5 billion.
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