RIYADH: DP World has offered to acquire Johannesburg-listed Imperial Logistics in a deal worth $890 million that would bolster the Dubai port operator's footprint in Africa. The news sent shares in the South African company rocketing by almost 34 percent in early trade.
The proposed acquisition would spur the Dubai company's plans to evolve into an advanced logistics company offering end-to-end supply chain services, it said in a statement on Thursday.
DP World’s cash offer of R66 rand per share implies an equity consideration of around 12.7 billion rand ($890 million) and represents a premium of 39.5 percent to the Imperial share price on Wednesday.
“The acquisition of Imperial will help DP World to build better and more efficient supply chains for the owners of cargo, especially in Africa," said DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem. "Imperial’s operations are complementary to our network of ports, terminals and logistics operations on the continent."
The deal will be funded from DP World’s existing available resources, the company said.
Imperial Logistics stock rockets on DP World takeover
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Imperial Logistics stock rockets on DP World takeover
- The proposed acquisition would spur the Dubai company's plans to evolve into an advanced logistics operator
Pakistan, Saudi Arabia reaffirm push for joint energy and mining projects
- In recent years, Saudi Arabia has positioned itself as a leader in the global minerals and energy sectors
- Both sides reaffirm commitment to enhance partnership and promote mutually beneficial investments
ISLAMABAD: Pakistan and Saudi Arabia have agreed to enhance cooperation in energy and mineral sectors, the Pakistani information ministry said on Friday, as the two sides seek to deepen economic ties and promote joint investment.
The development comes weeks after Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef at the Future Minerals Forum in Riyadh that saw participation from 13 public and private Pakistani firms.
Pakistan petroleum ministry said Alkhorayef had pointed out “vast opportunities” for cooperation between Pakistan and Saudi Arabia in the minerals sector, adding that the Kingdom would support the development of Pakistan’s mining industry through its knowledge and technical expertise.
On Friday, Malik held a meeting with Nawaf bin Said Al-Malki, Saudi ambassador to Pakistan, to discuss areas of mutual cooperation and further strengthen bilateral relations between the two brotherly countries, according to the information ministry.
“Both sides reviewed ongoing collaboration and explored new avenues for cooperation, particularly in the energy and minerals sectors,” it said in a statement. “They reaffirmed their commitment to enhancing economic partnership and promoting mutually beneficial investment opportunities.”
In recent years, Saudi Arabia has positioned itself as a leader in the global minerals and energy sectors and accelerated investments in green technologies, sustainable mining practices and international collaborations that are shaping the future of the mines and mineral industry.
Last year, Saudi Arabia’s Manara Minerals, a Public Investment Fund and Maaden joint venture, also expressed intent to acquire a 15 percent stake in Pakistan’s Reko Diq gold and copper mine. The $7 billion project, located in Balochistan, is being developed by Canadian mining giant Barrick Gold in partnership with Pakistan’s federal and provincial governments.
Malik expressed confidence that longstanding brotherly relations between Pakistan and Saudi Arabia would translate into tangible outcomes, fostering investment, technology exchange, and sustainable development initiatives for mutual benefit.
Ambassador Al-Malki appreciated Pakistan’s active participation in the Future Minerals Forum, which offered significant opportunities for regional collaboration, according to the statement.
“Both sides agreed to maintain close coordination to further strengthen economic and strategic cooperation in the coming period,” the information ministry added.
