| Kippreport.com

DP World sales stake in Russian firm

October 22, 2012 10:40 by Reuters

DP World, the world’s third-largest port operator, sold its 25-percent stake in container terminal Vostochnaya Stevedoring Co to Russia’s Global Ports Investment for $230 million, the Dubai-based firm said on Monday.

Global Ports already holds 75 percent of Vostochnaya and will now take full control of the terminal following the sale.

The transaction is expected to close later this week, DP World said in a statement to Nasdaq Dubai.

The Vostochnaya Stevedoring Co, based in the port of Vostochny, is the largest container terminal in the Far East of Russia and one of the key gateways for Russian container transport, Global Ports said in a separate statement.

The deal is the latest in a series of disposals of non-core assets by DP World. The company sold non-core operations in Belgium and quit a venture in Yemen in September.

Tags: DP World