DPW Adelaide sale result of right exercise

14 Jul 2012

DP World says it was forced to sell its Adelaide terminal to Flinders Ports due to the exercise of a right in the agreement held by Flinders.

Ganesh Raj, managing director of DP World Australia, says the sale was “not a negotiated transaction”.

It came about because the original joint venture agreement between the parties, contained a clause allowing Flinders to buy the terminal in full.

Flinders decided to exercise that right which resulted in buying DP World Australia’s 60% shareholding for a cost determined by independent valuation.

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