Dubai port operator DP World has expanded into Egypt, acquiring a 90 pct stake in Egyptian Container Handling Co (ECHCO) for 670 mln usd.
ECHCO is the controlling shareholder of Sokhna Port Development Co (SPDC); the remaining 10 pct remains with Amiral Holdings Ltd, DP World said.
Last week, government-owned Dubai World said it will float a 20 pct stake in its subsidiary port operator DP World, one of the world's largest container-port operators, in its first-ever IPO.
ECHCO is the controlling shareholder of Sokhna Port Development Co (SPDC); the remaining 10 pct remains with Amiral Holdings Ltd, DP World said.
Last week, government-owned Dubai World said it will float a 20 pct stake in its subsidiary port operator DP World, one of the world's largest container-port operators, in its first-ever IPO.