Report: DP World to sell its stake in P&O Trans Australia

on Tuesday, April 19, 2011

Report: DP World to sell its stake in P&O Trans AustraliaOfficials from DP World recently announced that the port operator is selling its stake in logistics firm P&O Trans Australia. DP World's share is worth $106 AUD.

DP World, which is based in Dubai and is a division of Dubai World, has been slowly trimming any holdings it has in Australia. In addition to selling this share, it had also sold off the majority of its port businesses within Australia to a Citi investment fund for nearly $1.5 billion last December.

The company will reportedly sell its share to Qube Logistics of Australia, who will purchase the stake and cover DP's debt in the process. The deal will be finalized later this month, officials from both companies relayed.

DP officials did not relay the size of their stake, however, Qube did relay that its acquisition boosts its share to 94.5 percent.

In all, DP World operates 49 marine port terminals, with another nine in construction, across 31 countries.  

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