UAC of Nigeria PLC (UAC) has entered into an agreement to sell its 43% shareholding in DP World Logistics Limited (formerly MDS Logistics Limited), to 22 Plus Invest Limited, a member of Tropical General Investments (TGI) Group, subject to regulatory approval.
Fola Aiyesimoju, Group Managing Director of UAC, said:
“UAC has worked closely with DP World’s management to support the significant growth and expansion of the Company over the years. We believe TGI, following completion of the proposed transaction, will be a strong long-term partner for DP World, its management and employees, bringing deep market knowledge and a strong track record of building businesses in Nigeria. We look forward to seeing the Company continue to grow and strengthen its contribution to Nigeria’s logistics sector.”
Farouk Gumel, Vice Chairman of TGI Group, said:
“This proposed acquisition and partnership with DP World reflect our shared ambition to reshape the future of trade and logistics in Africa. By combining DP World’s global expertise with TGI Group’s deep market knowledge and extensive distribution network, we are building resilient supply chains that will unlock growth, strengthen regional connectivity and support economic prosperity for generations to come.”
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