DP World sells stake in Russian firm for $230 million

DUBAI Mon Oct 22, 2012 2:43am EDT

DUBAI (Reuters) - DP World DPW.DI, the world's third-largest port operator, sold its 25-percent stake in container terminal Vostochnaya Stevedoring Co to Russia's Global Ports Investment (GLPRq.L) for $230 million, the Dubai-based firm said on Monday.

Global Ports already holds 75 percent of Vostochnaya and will now take full control of the terminal following the sale.

The transaction is expected to close later this week, DP World said in a statement to Nasdaq Dubai.

The Vostochnaya Stevedoring Co, based in the port of Vostochny, is the largest container terminal in the Far East of Russia and one of the key gateways for Russian container transport, Global Ports said in a separate statement.

The deal is the latest in a series of disposals of non-core assets by DP World. The company sold non-core operations in Belgium and quit a venture in Yemen in September.

(Reporting by Praveen Menon; Editing by Dinesh Nair)

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