DPW Adelaide sale result of right exercise
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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