TGI expands logistics footprint with UAC’s 43% DP World stake

UAC of Nigeria Plc is selling its 43 percent stake in DP World Logistics Limited, formerly known as MDS Logistics Limited, to 22 Plus Invest Limited, a member of the Tropical General Investments Group. According to Punch Nigeria, this was announced in an official filing submitted to the Nigerian Exchange Limited.

The completion of the transaction is subject to obtaining the requisite regulatory approvals. Fola Aiyesimoju, Group Managing Director of UAC of Nigeria Plc, expressed confidence that TGI will be a strong long-term partner for DP World, bringing deep market knowledge and a strong track record of building businesses in Nigeria.

Farouk Gumel, Vice Chairman of TGI Group, highlighted that the acquisition aligns with their shared ambition to reshape trade and supply chain operations across Africa by combining DP World’s global reach with TGI’s extensive distribution network. BusinessDay Nigeria reported that UAC of Nigeria Plc is set to sell its 43 percent stake in DP World Logistics Limited.

Brief written by urgent.news from BusinessDay Nigeria, Punch Nigeria, Punch — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.