Unit of DP World will have more operations in Spain
The Dubai-based ports operator DP World said yesterday its subsidiary P&O Maritime has acquired the Spanish maritime services company Reyser for an unspecified transaction value.
The deal is valued at less than 5 per cent of the DP World’s net asset value, which was US$9.51 billion at the end of 2016, DP World said in a statement on Nasdaq Dubai.
"This is all part of our broader strategy to grow complementary sectors in the global supply chain such as industrial parks, freezones and logistics, supported by new technologies adding value for all our stakeholders," said the DP World group chairman and chief executive Sultan Ahmed Bin Sulayem.
Reyser, which owns 151 vessels, has long-term agreements in 10 ports in Spain and contracts with two international liquefied natural gas terminals at Saint John, New Brunswick in Canada and Point Fortin in Trinidad and Tobago. The company’s services include harbour towage, mooring, bunkering, diving and environmental support.
"The acquisition allows us to consolidate our market position in Spain while securing entry in new geographies and markets, offering significant scope to diversify and grow our business. We are confident about the medium- to long-term growth potential of this business and our ability to drive sustainable value for all stakeholders," said Rado Antolovic, the managing director of P&O Maritime.
DP World has been on an acquisition spree in the past few years. Last year it raised its stake in Pusan Newport Company, a terminal in South Korea, becoming its largest stakeholder.
The same year it also struck a deal to operate its first port on the east coast of Canada by leasing a 15-hectare container depot in New Brunswick. The ports operator bought Fairview container terminal in Prince Rupert on the west coast, in 2015, for C$580 million (Dh1.57bn) and it also operates two other terminals there, Centerm terminal in Port Metro, Vancouver, and Duke Point Terminal in Nanaimo.
DP World reported a 5 per cent increase in gross container volumes on a like-for-like basis in the first three months of the year on "gradual improvement in the market environment".
dalsaadi@thenational.ae
