By Ian Walker
DP World (DPW.NDB) said Tuesday that it has bought a 77% stake in Feedertech Group through its subsidiary Unifeeder.
The Dubai-based port operator hasn't disclosed the price but said it is less than 1% of DP World's net asset value, which was $12.13 billion as of June 30.
Feedertech Group--a Singapore-based company that was founded in 2003--includes two business units: Feedertech, a feedering service, and Perma, a regional shortsea network. It generates annual revenues of over $100 million.
The remaining shareholding in Feedertech will be owned by its founder Ali Maghami, who will remain involved in the business, DP World said.
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