(3 Minutes Read)
Staff correspondent
- The Mediterranean Shipping Company (MSC Group) a world leader in global container shipping has issued an official statement announcing its intention to continue enhancing the continent’s connectivity with the rest of the world and enable trade within Africa amid the implementation of the continental free trade (AfCFTA).
The Mediterranean Shipping Company (MSC Group) a world leader in global container shipping has issued an official statement announcing its intention to continue enhancing the continent’s connectivity with the rest of the world and enable trade within Africa amid the implementation of the continental free trade (AfCFTA).
MSC bought Bollore Africa Logistics operated by the family of the French Billionaire Vincent Bollore recently. The Bollore company informed the transaction was on the basis of €5.7 billion enterprise value out of which €5.1 billion is the price of shares and the remaining 600 million euros is of shareholder loans.
MSC will operate Bollore Africa Logistics Group as an autonomous entity with its portfolio of diversified partners, under a new brand to be unveiled in 2023. Also, Philippe Labonne will be continuing in his presidency role.
MSC president Diego Aponte said that the deal will strengthen MSC’s longstanding ties with Africa and will reinforce their commitment to the continent’s economic growth, including investment in the ships, shipyards, container terminals, logistic solutions, storage facilities, road and rail networks that will support and enhance Africa’s trade within the continent as also across the globe.
The sale includes all of Bollore Group’s transport and logistics activity in Africa. Bollore said it would remain involved in Canal+, the French premium television channel, and all its activities in fields such as communications and publishing.
One of the major works remaining in hands of Bollore is the East African Crude Oil Pipeline (EACOP), the longest heated pipeline in the world started in May 2022. The Project which uses Dar es Salaam as the main port for supply will administer the importation and delivery of more than 80,000 18-meter pipe sections, in addition to various other goods and containers.
Also read;
https://trendsnafrica.com/ngos-in-uganda-and-tanzania-file-case-against-totalenergies/
https://trendsnafrica.com/african-unity-road-connecting-six-countries-nearing-completion/
The acquisition of the logistics by the MSC group is viewed in a positive light especially because of the accusation of corruption and illegal practices against Bollore group including the major one in Togo which were streaming in headlines before.
