UAC of Nigeria Plc has entered into an agreement to sell its 43% shareholding in DP World Logistics Limited, formerly known as MDS Logistics Limited, to 22 Plus Invest Limited, a member of Tropical General Investments (TGI) Group.
The transaction will see TGI Group acquire UAC’s stake in the logistics company, which operates as DP World Logistics following the company’s acquisition by DP World.
Fola Aiyesimoju, Group Managing Director of UAC, said the company had worked closely with DP World’s management over the years to support the business’s growth and expansion.
“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.” He said.
Farouk Gumel, Vice Chairman of TGI Group, said the proposed acquisition would combine DP World’s international logistics expertise with TGI’s knowledge of the Nigerian and African markets.
“This proposed acquisition and partnership with DP World reflects 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.”
About TGI Group
TGI Group is a diversified conglomerate with operations spanning agriculture, food processing, FMCG manufacturing, distribution, chemicals, poultry farming, real estate and financial services.
The group has operated in Nigeria and the wider West African region for more than four decades and has expanded its operations to other emerging and developing markets, including India and the UAE.
TGI says it has more than 25,000 employees across its businesses and serves millions of consumers through its portfolio of brands.
