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DP World to acquire 60% stake in South Korea-based Unico Logistics

DP World Unico Logistics
The deal is expected to be completed in the fourth quarter of 2020

Global port operator DP World is set to acquire a 60 percent stake in South Korea-based logistic firm Unico Logistics, the media reported.

The deal for DP World to acquire its stake in Unico Logistics is expected to be completed in the fourth quarter of this year, according to DP World.

In the last couple of years, DP World has been committed to increase its presence in the freight forwarding and logistics sector.

Sultan Ahmed Bin Sulayem, group chairman and chief executive of DP World told the media, “DP World’s vision is to become the leading end-to-end supply chain solutions provider. By integrating Unico into our worldwide network we will be able to offer better service to our customers in South Korea and beyond.”

According to reports in the media, DP World is also in advance talks with India-based Shipping and Logistics and Avana Global Logistek from Dubai-based Transworld Group.

Shreyas Shipping is the Indian flagged vessel owning unit of Transworld Group, running a fleet of 13 ships, the largest along the Indian coast.

Reportedly, Shreyas Shipping, which is based in Mumbai, has a market share of over 90 percent in the export-import (EXIM) transhipment business and more than 52 percent in the domestic container business.

DP World is set to open its first logistics centre in the district of Duran in Ecuador, the media reported.

Around 90 percent of the developmental work of DP World’s logistics centre in Ecuador has been completed so far.

The centre will offer services to the entire foreign trade chain in Ecuador, in Posorja and the other port terminals in Guayaquil.

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