DP World concluded its acquisition of South Africa’s Imperial Logistics after all conditions, including regulatory approval, were met, in a move that will strengthen the ports operator's position in Africa.
As a result of the deal, which will be enacted on March 14, Imperial Logistics will delist its shares from the main board of the Johannesburg Stock Exchange on March 15, the companies said in a joint statement on Friday.
DP World said last July that it planned to buy Imperial Logistics for $890 million.
Imperial Logistics “has a significant presence in Africa, a market where trade is expected to grow at more than twice [the] GDP [gross domestic product], driven by population growth, accelerated urbanisation and rising middle classes”, said Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World.
“Imperial’s capabilities in market access and logistics and its extensive African and European footprint will complement and enhance our growth aspirations.”
DP World is one of the world’s biggest operators of marine ports and inland cargo terminals, with gateways from London and Antwerp as well as hubs in Africa, India, Russia and the Americas.
The Dubai-based company has been on an acquisition spree as it attempts to become a more diversified and integrated logistics company.
Johannesburg-listed Imperial Logistics is an integrated logistics and market access company with operations in Africa and Europe.
“Combining DP World’s world-class infrastructure, specifically its investment and expertise in ports on the African continent, with Imperial’s logistics and market access platforms will enable us to offer integrated end-to-end solutions along key trade lanes into and out of Africa,” Imperial’s group chief executive Mohammed Akoojee said.
It will also drive greater supply chain efficiencies, ultimately “enhancing value for all stakeholders”, he added.
The move builds on DP World's significant expansion across Africa in recent years with its investments in seaports, terminals and logistics services as it seeks to tap lucrative trade routes in the region.
It currently has projects in Egypt, Algeria, Djibouti, Rwanda, Somaliland, Mozambique and Senegal, the company's website said.
In January, DP World said it had begun construction of Senegal's Ndayane deepwater port, a project that is set to boost the country's position as a major trade hub and gateway to West Africa.
The investment of more than $1 billion in two phases to develop the port is also the largest single private deal in the history of Senegal, the company said.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
AIDA%20RETURNS
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THE SPECS
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Scoreline
Al Wasl 1 (Caio Canedo 90 1')
Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')
Red cards: Ismail Ahmed (Al Ain) 77'
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Wonka
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Honeymoonish
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UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
- Fly it within visual line of sight
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- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
Tuesday, August 6 – Third T20i, Voorburg
Thursday, August 8 – Fourth T20i, Vooryburg
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
