Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Maersk to buy DP World stake in Colombo terminal

Colombo: Maersk is reported to be in negotiations to buy DP World's 16.25% stake in Colombo based transhipment facility South Asia Gateway Terminals (SAGT), reports Lanka Business Online. Maersk acquired a 10% stake in the terminal with its purchase of P&O Nedlloyd in 2005. DP World acquired its share in the terminal with its purchase of P&O ports.

The two companies, which had fought a legal battlefor the 16.25% stake, appear to finally have reached an agreement. "DP World is going to pull out of SAGT and sell its stake to AP Moller-Maersk," a senior Colombo port official told the news website.

SAGT's board of directors is currently believed to be assessing the proposed sale. The majority 33.75% stake in the terminal belongs to John Keells Holdings. The remaining shares are divided amongst Evergreen Marine, the Asian Development Bank, International Finance Corporation and the Sri Lanka Ports Authority.  [24/04/07]
 

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish