DP World, one of the largest port operators globally, plans to buy South Africa's Imperial Logistics for $890 million, strengthening its footprint in the world's second largest continent.
Johannesburg-listed logistics Imperial Logistics is an integrated logistics and market access company with operations in Africa and Europe.
“The acquisition of Imperial will help DP World to build better and more efficient supply chains for the owners of cargo, especially in Africa,” Sultan Bin Sulayem, group chairman and chief executive of DP World, said in a statement. “Imperial’s operations are complementary to our network of ports, terminals and logistics operations on the continent.”
The deal, to be funded from DP World’s existing available resources, is expected to close by the first quarter of 2022. The share price of Imperial Logistics surged nearly 34 per cent following the offer announcement by DP World.
DP World’s cash offer of 66 South African rand (ZAD) per share implies an equity consideration of around ZAD12.7 billion ($890 million) and represents a premium of 39.5 per cent to the Imperial share price as of July 7 on the Johannesburg Stock Exchange, and a 34.2 per cent premium to the 30-day volume weighted average price, according to the statement.
The transaction, however, is subject to Imperial’s shareholder approval and other customary completion conditions including regulatory approvals.
With a focus on fast-growing industries including healthcare, consumer, automotive, chemicals, industrial and commodities, Imperial has a presence across 25 countries, including a significant footprint in the high growth Africa market.
The ports operator said its acquisition of Imperial will add new capabilities to DP World, particularly in Africa as it aims to improve connectivity between African producers along fast-growing trade lanes to the rest of the world.
Lucrative trade routes
The move builds on DP World's significant expansion across the African continent in recent years with its investments in sea ports, terminals and logistics services as it seeks to tap into lucrative trade routes in the region. Its existing investments in Africa include projects in Egypt, Algeria, Djibouti, Rwanda, Somaliland, Mozambique and Senegal, according to the company's website.
Earlier this month, DP World acquired US logistics firm Syncreon for a total enterprise value of $1.2bn. Syncreon is a US-based global logistics provider specialising in the design and operation of complex supply chains for the high-growth automotive and technology industries.
Last month, DP World said it opened a new container terminal at Berbera Port in Somaliland, with work under way to further expand the terminal's capacity and develop it into a major regional trade hub serving the Horn of Africa. The newly opened container terminal increases the port's container capacity from current 150,000 Twenty Foot Equivalent Units (TEUs) to 500,000 TEUs annually.
In May, the Dubai-based ports operator said it will start development of a greenfield deepwater port in the Democratic Republic of Congo, following amendments to the initial contract between the company and the government. In March 2018, DP World was awarded a 30-year concession to develop and manage the $1bn Banana Port along the DRC's Atlantic coast in a joint venture with the government.
The ports operator also launched an e-commerce platform, Dubuy.com, in April to increase trade with Africa and boost the reach of companies from the UAE and world to the continent.
Last year, the ports operator signed an agreement with Senegal to develop its Ndayane deep-water port, making it the company's biggest port investment in Africa at that time. DP World Dakar said it will invest a total of $1.1bn over two phases of the project, aimed at boosting Dakar's position as a major logistics hub and gateway to west and north-west Africa.
DP World recorded a 10.2 per cent increase in first-quarter container shipping volumes and anticipated delivering an improved performance in 2021, as the global economy recovers from the Covid-19 pandemic.
The ports operator handled 18.9 million TEUs in the first three months of 2021, up from 17.2m TEUs in the same quarter last year. All its regions recorded growth, led by the Americas and Australia, where volumes rose 17.7 per cent to 2.7m containers.
Global trade is set to improve after a rebound in the second half of last year due to pent-up demand for consumer durables from advanced economies such as cars and the resumption of supply chains in emerging markets, according to the International Monetary Fund. Trade is forecast to expand 8.4 per cent this year and 6.5 per cent next year after shrinking 8.5 per cent in 2020, according to the fund's estimates.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The 12 Syrian entities delisted by UK
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RESULT
Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
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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”.
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Key facilities
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- Premier League-standard football pitch
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- An elevated football field that doubles as a helipad
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Brave CF 27 fight card
Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)
Middleweight:
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Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)
Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)
Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)
Featherweight:
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Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)
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Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
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Dh3.7 million
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The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
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The five pillars of Islam
Killing of Qassem Suleimani
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Sole survivors
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- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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