UAC of Nigeria Plc has entered into an agreement to sell its 43 per cent stake in DP World Logistics, formerly known as MDS Logistics Limited, to 22 Plus Invest Limited, a subsidiary of Tropical General Investments Group.
The proposed transaction remains subject to regulatory approvals.
UAC Company Secretary and Group General Counsel Ayomipo Wey announced the agreement, while Group Managing Director Fola Aiyesimoju said UAC had worked closely with DP World’s management over the years to support the company’s growth and expansion.
Aiyesimoju said UAC believed TGI would provide a strong long-term partnership for DP World after completion of the transaction, bringing local market knowledge and experience building businesses in Nigeria.
TGI Group Vice Chairman Farouk Gumel said the proposed acquisition reflected an ambition to strengthen trade and logistics infrastructure across Africa.
He said the combination of DP World’s global logistics expertise and TGI’s local distribution network could strengthen supply chains, regional connectivity and long-term economic activity. The transaction will become effective after the required regulatory process is completed and the conditions contained in the agreement are satisfied
