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DP World splashes $32mn on African port operator

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 08 January 2008
PORT STAKE: DP World has spent $32 million on a stake in a Mozambique company. (Getty Images)
PORT STAKE: DP World has spent $32 million on a stake in a Mozambique company. (Getty Images)

Dubai's DP World said on Monday it spent $32 million on a stake in a Mozambique company that manages the port of Maputo, the country's capital, looking to tap cargo traffic in southern Africa.

DP World, the world's fourth-largest container-port handler, bought 48.5% of Portus Indico-Sociedade de Servicos Portuarios.

Portus Indico owns 51% of Maputo Port Development Company, which manages Maputo port.

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"Maputo is also one of the main corridors for the southern African hinterland," DP World chief executive Mohammed Sharaf said in a statement. "We plan to invest further in container handling facilities there."

DP World already operates in Maputo, managing the container terminal at the port through Maputo International Port Services, of which it owns 60%. (Reuters)

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