Dubai-based ports operator DP World has announced its acquisition of World Security FZE for $25.5 million, Construction Week Online reported.
A wholly-owned subsidiary of Istithmar World Ventures, World Security FZE provides security services to various corporates in Dubai including ports and free zones.
DP World said the $25.5 million acquisition was a unique business opportunity to buy a strategically important asset on commercial terms.
It is worth mentioning that Istithmar World Ventures is a subsidiary of the Dubai World Group, the majority shareholder and a related party of DP World under the UK Listing Rules. Dubai World is also 100% owned by the Government of Dubai.
The acquisition is classified as a smaller related party transaction.
A wholly-owned subsidiary of Istithmar World Ventures, World Security FZE provides security services to various corporates in Dubai including ports and free zones.
DP World said the $25.5 million acquisition was a unique business opportunity to buy a strategically important asset on commercial terms.
It is worth mentioning that Istithmar World Ventures is a subsidiary of the Dubai World Group, the majority shareholder and a related party of DP World under the UK Listing Rules. Dubai World is also 100% owned by the Government of Dubai.
The acquisition is classified as a smaller related party transaction.
Source:
Mubasher
