P&O Maritime Logistics (POML), a wholly owned subsidiary of Dubai-based DP World, has entered into a definitive agreement to acquire a controlling stake in leading pneumatic cement carrier operator, NovaAlgoma Cement Carriers (NACC), reports an official news relese.
NovaAlgoma Cement Carriers Establishes New JV
Established in 2016 as a joint venture between Nova Marine Holding and Algoma Central Corporation, NACC specialises in the global transportation of dry-bulk commodities, with a focus on cement. The transaction excludes NACC’s joint venture interests in Northern Europe, Indonesia, and Greece.
The existing shareholders, Nova Marine Holding SA of Switzerland and Algoma Central Corporation of Canada, will retain a significant minority interest and NACC’s current operational leadership will remain in place.
Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, said: ‘This acquisition reflects our commitment to deepening our capabilities in specialised maritime logistics.’
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Source: DP World
