DP World and the government of the Democratic Republic of the Congo (DRC) signed a collaboration agreement for the development of the deep-sea port at Banana.
he agreement was signed in Kinshasa by Cherubin Okende Senga, Minister of Transport and Communication, Adele Kahinda Mayima, Minister of State for Portfolio, Nicolas Kazadi, Minister of Finance, Aime Boji, Minister of State for Budget, and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Suhail Al Banna, CEO and MD of Middle East and Africa Region. DRC President Félix-Antoine Tshisekedi was also present on the occasion.
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The transaction value is less than 1 percent of DP World’s net asset value (NAV) and is expected to close in Q1 2020.
Ali Maghami, the founder of Feedertech will retain the remaining 23 percent and remain involved in the business.
Unifeeder will now have the capability to offer feedering and regional short-sea connectivity in Northern Europe, Mediterranean, Northern Africa, Asia, and the Indian subcontinent.
Founded in 2003, the Singapore-based company operates two businesses - Feedertech, which is an independent feedering service; and Perma, a regional short-sea network.
Both operate in the same market and connect the fast-growing trade route of Asia-Middle East via the Indian subcontinent.
This transaction will broaden the group’s feedering and short-sea product offering to multiple geographies and further enhance DP World’s logistics capability to offer an end-to-end solution to both the shipping lines and cargo owners.
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