UAC of Nigeria Plc (NGX: UACN) has entered into an agreement to sell its 43% shareholding in DP World Logistics Limited (formerly MDS Logistics Limited).
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The FMCG giant in a corporate release on The Nigerian Exchange stated that it entered into an agreement to sell the stake to 22 Plus Invest Limited, a member of Tropical General Investments (TGI) Group, subject to requisite regulatory approval.
Commenting on the agreement, 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 had this to say; “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.”
UAC of Nigeria Plc sold 49% of MDS Logistics (MDS), its erstwhile fully owned subsidiary to Imperial Logistics, a leading international logistics and supply chain arm of the South Africa-based Imperial Holdings Limited in May 2013.
In August 2019, it sold a further 8% to Imperial Logistics, handing over controlling interest in MDS logistics to Johannesburg Stock Exchange listed company.
In 2022, DP World Logistics FZE acquired a 100% stake in Imperial Logistics.
About UAC of Nigeria PLC
UAC is a house of scalable quality brands, with subsidiary and associate companies operating in the Packaged Food and Beverages, Paints, Animal Feeds and Other Edibles, Quick Service Restaurants, Logistics and Real Estate segments. UAC has played a prominent role in Nigeria’s
development for over a century. The company is focused on building its businesses into leaders in their chosen segments.
About TGI Group
Tropical General Investments (TGI) Group is a diversified conglomerate with over four decades of operating history in Nigeria and the broader West African region amongst others. The Group operates across Agriculture, Food processing, FMCG manufacturing, Distribution, Chemicals,
Poultry Farming, Real Estate, Financial Services etc., serving millions of consumers across the region through a portfolio of leading household brands. These brands are underpinned by the Group’s long-standing commitment to sustainability and to the communities in which it operates. TGI
Group’s operations extend beyond West Africa into other key emerging and developing markets including India, UAE etc., supported by large manufacturing and distribution operations and a diverse workforce of over 25,000 people.
About DP World
DP World is reshaping the future of global trade to improve lives everywhere. Operating across six continents with a team of over 125,000 employees, we combine global infrastructure and local expertise to deliver seamless supply chain solutions. From Ports and Terminals to Marine Services, Logistics and Technology, we leverage innovation to create better ways to trade, minimising disruptions from the factory floor to the customer’s door.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
