REG - DP World PLC - DP World Acquires Fraser Surrey Docks

MacquarieAnnouncement

09/05/2019 08:05

RNS Number : 4897Y
DP World PLC
09 May 2019
 


 
                   
 
 
 
 
DP World Acquires Fraser Surrey Docks
Multi-Purpose Marine Terminal in Vancouver, Canada
 
Dubai, UAE, 09 May 2019: DP World PLC announces the acquisition of Fraser Surrey Docks from Macquarie Infrastructure Partners (MIP). MIP is a fund managed by the Macquarie Infrastructure and Real Assets (MIRA) division of Macquarie Group. The purchase consideration is below 2.5% of DP World's net asset value as of FY20181. The acquisition will be effected through DP World's Canadian subsidiary, DP World Canada Investment Inc. which is owned 45% by Caisse de dépot et placement du Québec (CDPQ) and is subject to customary completion conditions. DP World expects the transaction to be earnings accretive from the first full year of consolidation and to close in the first half of 2019.
 
Fraser Surrey Docks is a large, multi-purpose marine terminal located in the greater Vancouver area of British Columbia, Canada. It operates over 1,200 meters of berth and 189 acres of yard and is one of Vancouver's major steel import terminals. It also handles over 1 million tons of grain and serves several container lines, handling approximately 250,000 TEU in 2018.
 
The acquisition of Fraser Surrey Docks complements DP World's footprint in Canada and provides an attractive platform to better serve our customers' break-bulk and dry bulk requirements. DP World's existing facilities at Vancouver and Prince Rupert have enjoyed strong growth in recent years and we believe that Fraser Surrey Docks will benefit from being part of DP World's terminal portfolio.
 
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: "We are pleased to announce the acquisition of Fraser Surrey Docks, which complements our footprint in the west coast of Canada. We are seeing increasing demand from our customers for multi-purpose facilities in the region and we believe Fraser Surrey Docks has the relevant infrastructure and is in the right location to service this demand. We look forward to bringing DP World's best-in-class terminal operations to Fraser Surrey Docks."
 
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Investor Enquiries:
 
Redwan Ahmed                                               Amin Fikree
DP World PLC                                                  DP World PLC
Mobile: +971 50 5541557                                  Mobile: +971 56 6811553
Direct: +971 4 8080842                                    Direct: +971 4 8080923
Redwan.Ahmed@dpworld.com                            Amin.Fikree@dpworld.com
 
About DP World:
 
DP World is a leading enabler of global trade and an integral part of the supply chain. 
We operate multiple yet related businesses - from marine and inland terminals, maritime services, logistics and ancillary services, to technology-driven trade solutions.
Our portfolio of 78 operating marine and inland terminals is supported by more than 50 related businesses in over 40 countries across six continents, with a significant presence in both high-growth and mature markets. We aim to be essential to the bright future of global trade, ensuring that everything we do contributes positively and sustainably to both the economy and society.
Our dedicated team of more than 46,000 employees from 120 countries cultivates long-standing relationships with governments, shipping lines, importers and exporters, communities, and many other important constituents of the global supply chain, providing quality value-added services today and tomorrow.
Container handling is the company's core business and generates more than 50% of its revenue. In 2018, DP World handled 71.4 million TEU (twenty-foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 91.2 million TEU is expected to rise in line with market demand.
By thinking ahead, foreseeing change and innovating, DP World aims to create the most productive, efficient and safe trade solutions globally.
 





1 DP World's net asset value as of 31 December 2018 is US$ 11,999 million.





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