DP World to expand in Latin America

(MENAFN) As ports operator DP World aims at expanding its footprint in Latin America, a region it described as having "significant growth potential," DP World will acquire Cosmos Agencia Maritima which owns a logistics service business offering solutions in activities related to foreign trade, product storage and distribution, and freight services.

It also has a 50 percent stake in Terminales Portuarios Euroandinos in Peru's Port of Paita.

Sultan Bin Sulayem, group chairman and chief executive officer of DP World, said the acquisition will also add to the company's existing presence in Peru where it already operates a container terminal in the port of Callao.

"We expect this acquisition to further diversify our revenue, improve the quality of our earnings, and drive returns," he said. "The addition of CAM will allow us to offer improved solutions to our customers and the option of alternative container capacity."

In a separate statement, DP World said that a joint venture it has with India's National Investment and Infrastructure Fund (NIIF) acquired a 90% stake in Continental Warehousing Corporation, an Indian logistics firm.



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