DP World, one of the world's biggest port operators, agreed to acquire Chile ports operator Puertos y Logistica (Pulgosa), giving it access to five regional ports as it expands its footprint in South America.
The Dubai-based operator will take a 71 .3 per cent stake in the Santiago-listed company from Minera Valparaiso and other shareholders associated with the Matte Group, DP World said on Sunday. It will offer $502 million (Dh1.84 billion) in a tender for the full ownership of the business, which has a market value of $170.1m.
Pulgosa operates a long-term concession for Puerto Central (PCE) in San Antonio in addition to owning and operating Puerto Lirquen (PLQ) in southern Chile.
"These new assets will allow DP World to serve cargo owners and shipping lines at five key gateways on the west coast of South America in Posorja [Ecuador], Callao and Paita [Peru] and San Antonio and Lirquen [Chile]," said Sultan bin Sulayem, DP World chairman. "The overall value proposition for these terminals is compelling."
DP World operates several ports in South America including container terminals in Peru's Port Callao and Brazil's Port of Santos and Argentina's Terminales Rio de la Plata in Buenos Aires. The expansion push in South America comes after DP World warned in October that the near-term outlook for Dubai's Jebel Ali Port remained challenging. Its third quarter consolidated volumes for the Americas and Australia rose 17 per cent year on year.
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DP World fell 1.09 per cent at the market close on Sunday on Nasdaq Dubai, where its shares are traded.
Pulogsa has net financial debt of $226m as of September 30 and the deal is expected to close in the first half of the year, DP World said.
The UAE company expects the acquisition to be "earnings accretive" in the first full year of consolidation and that it will be financed from existing balance sheet resources.
"PCE and PLQ are both ‘best in class’ terminals in their respective markets, with long-term operating rights, strong cargo diversification and significant capability for expansion," Mr bin Sulayem said.
PCE is one of Chile's largest container ports with a capacity of more than one million Twenty-Foot Equivalent (TEUs) and potential for further capacity expansion, according to DP World.
PLQ is a multipurpose terminal that handles containers, general cargo and dry bulk. The port is positioned next to the country’s second-largest city and industrial hub Concepción and is set to benefit from the pulp and lumber industry in Southern Chile, according to DP World.
DP World has appointed Scotiabank its financial advisor.
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SQUADS
Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz
Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage
Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
QUALIFYING RESULTS
1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.
Eliminated after second session
11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.
Eliminated after first session
15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
UAE currency: the story behind the money in your pockets
