UAC sells 43% DP World stake to TGI member

UAC of Nigeria Plc headquarters building. Credit: UAC

UAC of Nigeria Plc has announced an agreement to sell its entire 43 per cent shareholding in DP World Logistics Limited, formerly known as MDS Logistics Limited, to 22 Plus Invest Limited, a member of the Tropical General Investments Group.

This was contained in an official filing submitted to the Nigerian Exchange Limited on Thursday, signed by the Company Secretary and Group General Counsel of UAC of Nigeria Plc, Ayomipo Wey.

The company noted that the completion of the transaction remains subject to obtaining the requisite regulatory approvals.

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Commenting on the transaction, the Group Managing Director of UAC of Nigeria Plc, Fola Aiyesimoju, said, “UAC has worked closely with DP World’s management to support the significant growth and expansion of the Company over the years.

“We believe TGI, following completion of the proposed transaction, will be a strong long-term partner for DP World, its management and employees, bringing deep market knowledge and a strong track record of building businesses in Nigeria. We look forward to seeing the Company continue to grow and strengthen its contribution to Nigeria’s logistics sector.”

Similarly, the Vice Chairman of TGI Group, Farouk Gumel, highlighted that the strategic acquisition aligns with their shared ambition to reshape trade and supply chain operations across Africa by combining DP World’s global reach with TGI’s extensive distribution strength.

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