REG - DP World Limited - DP World consolidates Eurofos, exits Le Havre
22/03/2022 08:15
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RNS Number : 5722F DP World Limited 22 March 2022
DP World consolidates Eurofos terminal in Fos-sur-Mer and exits the Terminal
in Le Havre
Tuesday, 22(nd) March 2022, DP World, France, 2022: DP World Limited ("DP
World") and Terminal Link SA ("Terminal Link"), a joint venture 51% owned by
CMA CGM and 49% owned by China Merchants Port, have today reached a
conditional agreement to restructure Portsynergy SAS ("Port Synergy"), a 50:50
joint venture company. Port Synergy is the holding company for subsidiary
companies, Générale de Manutention Portuaire SA ("GMP") and Eurofos SARL
("Eurofos"), which operate container terminals under long-term concession
agreements in Le Havre, on the north western coast of France, and in Port of
Fos, close to Marseille in the south of France, respectively.
Under the terms of the restructuring, (i) DP World will consolidate Eurofos
under IFRS 10 whilst maintaining a 50:50 ownership structure between DP World
and Terminal Link, (ii) Terminal Link will acquire a controlling majority in
the holding company of Le Havre, and (iii) DP World will sell its minority
shares in Le Havre to funds advised by iCON Infrastructure LLP with a
transaction enterprise value of EUR700 million on a 100% basis. This
transaction is subject to completion conditions including consultation with
relevant works councils of the Port Synergy group and regulatory approvals and
is expected to close in 1H2022.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: "We are
pleased to announce this transaction that will enable us to consolidate our
position in Eurofos (France). The Port Synergy joint venture with Terminal
Link has been successful, but this restructuring will further optimise the
shareholding structure and will allow both DP World and Terminal Link to take
IFRS10 control of assets where we add greater value respectively. The Eurofos
terminal is important to DP World's long-term strategy as a leading
Mediterranean port and we are excited to focus on unlocking the substantial
growth prospects of Fos, which will add significant value for all our
stakeholders.
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Investor Enquiries:
Redwan
Ahmed
Amin Fikree
DP World
Limited
DP World Limited
Mobile: +971 50
5541557
Mobile: +971 56 6811553
Direct: +971 4 8080842
Direct: +971 4 880923
Redwan.Ahmed@dpworld.com (mailto:Redwan.Ahmed@dpworld.com)
Amin.Fikree@dpworld.com (mailto:Amin.Fikree@dpworld.com)
About DP World
We are the leading provider of worldwide smart end-to-end supply chain
logistics, enabling the flow of trade across the globe. Our comprehensive
range of products and services covers every link of the integrated supply
chain - from maritime and inland terminals to marine services and industrial
parks as well as technology-driven customer solutions.
We deliver these services through an interconnected global network of 190
business units in 69 countries across six continents, with a significant
presence both in high-growth and mature markets. Wherever we operate, we
integrate sustainability and responsible corporate citizenship into our
activities, striving for a positive contribution to the economies and
communities where we live and work.
Our dedicated, diverse and professional team of more than 71,255 employees
from 150 nationalities are committed to delivering unrivalled value to our
customers and partners. We do this by focusing on mutually beneficial
relationships - with governments, shippers, traders, and other stakeholders
along the global supply chain - relationships built on a foundation of mutual
trust and enduring partnership.
We think ahead, anticipate change and deploy industry-leading digital
technology to further broaden our vision to disrupt world trade and create the
smartest, most efficient and innovative solutions, while ensuring a positive
and sustainable impact on economies, societies and our planet.
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