DP World now owns Fairview Terminal in Prince Rupert.

DP World now owns Fairview Terminal in Prince Rupert.

DP World confirms acquisition of Fairview Terminal

DP World has now confirmed the completed acquisition of Fairview Terminal in Prince Rupert.

UPDATE:

DP World has now confirmed the completed acquisition of Fairview Terminal in Prince Rupert.

A report from CEO Mohammed Sharaf, which was included in the company’s first half financial report, noted that the acquisition of the terminal was completed on Aug. 18. DP World chairman Sultan Ahmed Bin Sulayem said the purchase was part of an aggressive expansion undertaken by the company.

“In 2015, we have invested over $3.5 billion in acquisitions and expansionary capex, and this investment leaves us well placed to capitalize on the significant medium to long-term growth potential of this industry … We remain on course to deliver over 100 million TEU of capacity by 2020, while maintaining the existing shape of our portfolio,” he said.

“We believe our business is well positioned to continue to outperform the market. We remain focused on delivering relevant new capacity in the right markets, improving efficiencies and managing costs to drive profitability,” added Sharaf.

The Fairview Terminal website, www.mahercanada.com, has also been converted to reflect the ownership change and includes information on upcoming ship calls.

 

 

ORIGINAL:

Stockmarketwire.com is reporting that DP World, owned by the Dubai government, has completed the acquisition of Fairview Terminal in Prince Rupert.

DP World has yet to comment on the report, but made their intentions to purchase the facility for $580 million known in April of this year. At the time, the sale was subject to Canadian regulatory approval.

The company says some of the benefits to the province and the region include access to DP “World’s “state-of-the-art supply chain securities and safety practices” and “world-class productivity enhancing best practices in container terminal development and operation”.

Look for more on this story as it becomes available.