UAC of Nigeria Sells 43% Stake in DP World to TGI Group

UAC of Nigeria Plc (NGX: UACN) has announced an agreement to sell its entire 43% shareholding in DP World Logistics Limited, previously known as MDS Logistics Limited, to 22 Plus Invest Limited, a member of the Tropical General Investments Group. This information was disclosed in an official filing to the Nigerian Exchange Limited on Thursday, signed by Ayomipo Wey, the Company Secretary and Group General Counsel of UAC of Nigeria Plc.

The completion of the transaction is contingent upon obtaining the necessary regulatory approvals. Fola Aiyesimoju, the Group Managing Director of UAC of Nigeria Plc, stated that UAC has collaborated closely with DP World’s management to foster significant growth and expansion over the years.

He expressed optimism that TGI will be a strong long-term partner for DP World, enhancing its contributions to Nigeria’s logistics sector. Farouk Gumel, Vice Chairman of TGI Group, noted that the acquisition aligns with their goal to transform trade and supply chain operations across Africa.