A.P. Moller-Maersk's (Maersk) terminals business, APM Terminals (APMT) has entered into an agreement to divest its 30.75% shareholding in Global Ports Investments PLC (GPI) to long-standing partner Delo Group.
Following the announcement of Maersk's commitment to discontinue activities in Russia earlier this year, APMT has now entered into a binding agreement, subject to regulatory approvals, to divest its entire 30.75% shareholding in GPI to APMT's long-standing joint venture partner Delo Group who also owns 30.75% of the shares in GPI.
The transaction has been undertaken on an arm's length basis and includes an ability for APMT to re-enter the partnership with Delo in the future.
"We are pleased that we have now concluded this transaction according to the plan and with our long-standing partner Delo, enabling us orderly exit from GPI in line with our decision to discontinue activities in Russia." says Keith Svendsen, CEO of APM Terminals.
With the divestment of its shares in GPI, APMT will no longer be involved in any entities operating in Russia or own any assets it the country. The transfer of share ownership takes place after regulatory approvals have been obtained.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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