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Investor Relations
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FinancialNews
01-07-19
DP World acquires 100 percent of Topaz Energy
(MENAFN) Dubai-based DP World signed an acquisition agreement for 100 percent of Topaz Energy and Marine, an oil services company.
This acquisition is worth USD1.08 billion and is made with a private equity arm of Oman's Renaissance Services and Standard Chartered.
Chairman of DP World Sultan bin Sulayem explained that "this transaction is in line with our strategy to grow our presence in marine logistics and become a solutions provider to end customers."
On Monday, the chairman asserted: "importantly, we expect the acquisition to accelerate returns and drive value for all stakeholders."
Ever since last year, DP World has been allocating major investments given that its development is related to the expanded logistics supply chain.
MENAFN0107201900450000ID1098708152
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