DP World restructures Belgian ops with $61m sale

Firm sells stake in DP World Breakbulk NV, AProjects NV to Orienta NV.
NEWS, Ports & Free Zones


By: Reuters

DP World Ltd, the world's third-largest port operator, has sold some non-core operations in Belgium as part of a series of disposals of assets in developed countries.

The value of the assets sold was $61 million, DP World said in a bourse statement. The group, one of the more profitable parts of debt-laden Dubai World and which operates three terminals in Belgium, gave no other financial details.

The company said it sold its stake in DP World Breakbulk NV and AProjects NV to a company called Orienta NV.

"This sale forms part of a restructure of our businesses here in Antwerp, Belgium," Rob Harrison, managing director of DP World's businesses in Belgium, said in a statement on Thursday.

Harrison said the disposal would allow DP to focus on its expertise in container terminal management and related areas.

DP World Breakbulk is a joint venture formed in 2007 and operates a general cargo terminal at the Port of Antwerp, while AProjects offers logistical services.

DP World, which makes the bulk of its money from regional operations, has been selling assets in developed markets, including the $1.5 billion sale of its Australian operations to private equity firm Citi Infrastructure Investors (CII) last year.

In July, DP said it was forced to hand over its 60 percent holding in Adelaide's container terminal to Flinders Port after the Australian firm exercised its right to buy the stake. The company also sold its 34 percent stake in UK-based Tilbury Container Services Ltd for $75.48 million in January.

DP World shares were down 0.8 percent on the Nasdaq Dubai bourse by 0630 GMT.

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