DP World to buy ma­jor stake in Chile firm for $502 mil­lion

The Telegram (St. John’s) - - BUSINESS -

DUBAI, United Arab Emi­rates Dubai-based port op­er­a­tor DP World says it will buy a 71.3 per cent stake in Chile’s Puer­tos y Lo­gis­tica SA, a port ser­vices firm in the South Amer­i­can na­tion. Sun­day’s an­nounce­ment says DP World would pay $502 mil­lion for the stake in the port op­er­a­tor, which has a long-term con­ces­sion for Puerto Cen­tral in San An­to­nio and owns and op­er­ates Puerto Lirquen in Chile’s south­ern re­gion.

The state­ment quoted DP World Group chair­man and CEO Sultan Ahmed bin Sulayem as say­ing the deal al­lows his firm now to serve cus­tomers at five key points in South Amer­ica. DP World, one of the world’s largest port op­er­a­tors, works across six con­ti­nents. Its ma­jor­ity share­holder is the gov­ern­men­towned Dubai World in­vest­ment com­pany.

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