The UAC of Nigeria Plc has announced that it was in agreement with Imperial Logistics Limited to increase its shareholding in MDS Logistics Limited by 57 per cent to $2.4m.
In a notice to the Nigerian Stock Exchange, UACN informed its shareholders and stakeholders that it had entered into an agreement with Imperial Logistics, under which the latter proposed to increase its shareholding in MDS Logistics Limited from 49 per cent to 57 per cent, by acquiring an additional eight per cent shareholding from UAC.
The transaction is subject to relevant regulatory approvals.
The Chief Executive of African Regions for Imperial Logistics, Johan Truter, explained, “Core to Imperial Logistics’ strategy is working with strong partners as we seek to expand our businesses across Africa. We consider Nigeria a strategically important market and are excited to continue our partnership with UAC to grow MDS and expand its service offering to clients.”
The Group Managing Director, UACN, Fola Aiyesimoju, said, “The transaction is an important milestone for UAC and consistent with our strategy of working closely with partners in empowering best-in-class management teams.
“Since the commencement of the partnership in 2013, we have been impressed by Imperial Logistics’ operational excellence in warehousing, distribution and transport. We look forward to greater integration between MDS and the broader Imperial Logistics platform as we strive to deliver value to clients.”
On his part, MDS’ Managing Director, Taiwo Ajibola, said, “We at MDS remain focused on leveraging our assets, technology and capabilities to deliver value to our clients. We will continue to benefit from the strengths of our shareholders, Imperial Logistics and UAC.”
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