DP World announced significant restructuring moves today whereby the global port operator divested its entire interest in Dubai and Aden Ports Corporation (DAPDC) to Yemen Gulf of Aden Ports Corporation (YGAPC).
Under the agreement in Yemen, DP World will cease its management of Aden Container Terminal (ACT) on September 20th, and Aden Port Development Company, a wholly owned subsidiary of YGAPC, will take full responsibility of the port’s operations.
Yemen Gulf of Aden Ports Corporation (YGAPC) commented, “The agreement protects the interests of the Republic of Yemen and YGAPC and secures the future for this strategically located terminal. It provides stability and an excellent base from which to boost the national economy. We are excited by the prospect of building on the progress made so as to further develop and expand the Port to realise its full potential as a leading modern and efficient transhipment hub.
Additionally, in a sale worth $61.0 million, DP World in Belgium sold off it’s 60% position in DP World Breakbulk NV and AProjects NV to Orienta NV. Rob Harrison, Managing Director of DP World’s businesses in Belgium commented,
“This sale forms part of a restructure of our businesses here in Antwerp, Belgium and will allow us to strategically focus on our expertise in excellent container terminal management and technical capability in which we have extensive experience.”
The transaction was signed on 19 September and will finalize before the end of 2012.