French conglomerate agrees US$7.5 million deal for share in ABG Infralogistics’ subsidiary
Bolloré Africa Logistics, a wholly-owned subsidiary of France’s Bolloré, has acquired a 49 percent stake in ABG Container Handling.
According to a disclosure to the stock exchange, Bolloré Africa Logistics has been allotted 7,205,940 equity shares as part of the agreement at a cost of around US$7.5 million. The remaining 51 percent of shares, post allotment, will be held by ABG Ports.
ABG Container Handling, a unit of Mumbai-listed ABG Infralogistics, operates the Dakshin Bharat Gateway Terminal, located at berth no. 8 at V.O.Chidambaranar Port Trust, formerly known as Tuticorin Port.
Bolloré Africa Logistics is Africa’s largest transport and logistics operator, where it operates a total of 14 container terminals on the continent through public-private partnerships, including facilities in Douala, Cameroon, and Lagos-Tincan, Nigeria.
In addition, Bolloré Africa Logistics, as part of consortium with APM Terminals and Bouygues, were named as the preferred bidder for the second container terminal (TC2) at the Ivorian Port of Abidjan. The new box facility, scheduled to begin operations in 2016, will require an estimated investment of $590 million over a 21-year concessional term.
Bolloré Africa Logistics also acts as a shipping agent in many African ports, supplying freight services and organising transhipment on behalf of international shipping companies.