A.P. Moller – Maersk (Maersk) has completely divested its minority stake in Russian container terminal operator Global Ports Investments PLC (GPI).
The Danish giant first released the update in August, when it announced that its terminals business APM Terminals had entered into an agreement to divest its 30.75 per cent shareholding in GPI to Delo Group.
As all necessary conditions have been fulfilled the transaction has now been completed.
With this transfer of share ownership in GPI, APM Terminals will no longer operate in Russia nor own any assets in the country.
As a consequence, Maersk said the APM Terminals-appointed directors will step down from the Board of Directors of GPI with immediate effect.
The move follows Maersk’s decision to discontinue activities in Russia due to the ongoing conflict in Ukraine.
Last week, Maersk Kanoo UAE signed an agreement with Dubai South for its new warehousing and distribution (W&D) facility in Dubai.
The agreement was signed by Christopher Cook, Managing Director, Maersk UAE and Mohsen Ahmad, CEO of the Logistics District, Dubai South.