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Tue 28 Jul 2020 10:07 AM

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DP World accelerates trade growth with majority stake in South Korea's Unico Logistics

The Dubai-based company will acquire 60 percent stake in the firm to grow as a smart supply chain solutions provider

DP World accelerates trade growth with majority stake in South Korea's Unico Logistics

The transaction, which is a part of DP World’s vision to build an integrated suite of services to connect directly with customers and cargo owners, is expected to close in Q4 2020.

DP World will acquire a 60 percent stake in South Korea based Unico Logistics in a move to make the supply chain more efficient and accelerate trade growth.

The transaction, which is a part of DP World’s vision to build an integrated suite of services to connect directly with customers and cargo owners, is expected to close in Q4 2020.

"By integrating Unico into our worldwide network we will be able to offer better service to our customers in South Korea and beyond,” said Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World.

“These new services further strengthen our logistics capabilities, which we are combining with our maritime services operations and our worldwide network of ports and terminals.”

DP World said that the acquisition had been aligned to its global strategy to grow as a smart supply chain solutions provider and provide a platform to drive synergies between the two companies in Asia Pacific and Europe.

HJ Park, president and CEO of Unico Logistics, said that “this partnership with DP World will allow us to take the business to the next stage of its growth”.

Earlier this week, DP World reported a 7.9% drop in container volumes in Q2 2020. Commenting on the downward trend, Bin Sulayem said that the global outlook remained “uncertain” for the industry that was affected by the supply chain issues caused by Covid-19.

“Overall, we are encouraged that our business has performed better than expected and, while the outlook is still uncertain, we remain positive on the medium to long-term fundamentals of the industry,” said Bin Sulayem.

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