Unifeeder buys Singapore-based operator
Unifeeder, a subsidiary of DP World since 2018, has acquired a 77% stake in the Feedertech Group, a Singapore-based feeder and shortsea operator. The group’s chairman, Ali Maghami, will retain the remaining 23% shareholding. Financials details of the deal, which is supposed to be closed by the end of 2019, were not published.
Established in 2003, the group runs two companies; Feedertech, which is a feeder service, and Perma, a regional shortsea network. Both operate in the same market and connect the trade routes of Asia-Middle East via the Indian Subcontinent. The group generates annual revenues of close to USD 200 million from a diversified customer mix, calls at 50 ports and transports over 600,000 teu annually.
Through Feedertech and Perma, Unifeeder will now have the capability to offer feeder and regional shortsea connectivity in Europe, the Mediterranean, North Africa, Asia, the Middle East and the Indian Subcontinent. Moreover, the expansion offers opportunities in the fast-growing coastal short-sea trade on the Indian Subcontinent.
‘‘This is yet another strategic step in our vision to build a global presence,’’ Unifeeder’s CEO Jesper Kristensen said in a press release. (fd)