UAC sells 43% DP World stake to TGI member

UAC of Nigeria Plc has agreed to sell its 43% stake in DP World Logistics Limited to TGI member 22 Plus Invest Limited, according to a filing with the Nigerian Exchange Limited. The transaction's completion depends on obtaining necessary regulatory approvals. UAC's Group Managing Director, Fola Aiyesimoju, expressed confidence that TGI will become a robust long-term partner for DP World and its stakeholders, leveraging their extensive market knowledge and experience in building businesses in Nigeria.

The Vice Chairman of TGI Group, Farouk Gumel, emphasized that the strategic acquisition aligns with their goal of transforming trade and supply chain operations across Africa by merging DP World's global presence with TGI's extensive distribution capabilities.