Wednesday, 28 August 2019

UAC SELLS ADDITIONAL 8% SHAREHOLDING TO IMPERIAL LOGISTICS FOR $2.4MILLION AND JUICY CONTRACTS

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It has been confirmed that UAC of Nigeria Plc has perfected plans to sell an additional 8% shareholding to a foreign logistics company, Imperial Logistics Limited.

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In a statement to the Nigeria Stock Exchange, UAC made it clear that Imperial Logistics had indicated its intention to take over the additional eight per cent equity in UAC to enable it to increase its shareholding in MDS Logistics Limited from 49 per cent to 57 per cent.

The statement said though the transaction was subject to regulatory approvals, Imperial Logistics would pay $2.4million in cash and transfer selected profitable contracts to MDS Logistics. UAC noted that the transaction was based on $40million equity value for MDS.

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While speaking with newsmen, the Group Managing Director of UAC Foods Limited, Fola Aiyesimoju, described the transaction as an important milestone for the company. According to him, it was consistent with the company’s 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,” Aiyesimoju said.

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In his remark, the Chief Executive Officer, Africa Regions, Imperial Logistics, Johan Truter, said the company considered Nigeria to be a strategically-important market as was excited to continue its partnership with UAC to grow MDS and expand its service offerings to clients.

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