Dubai's DP World buys stake in Mozambique firm

Dubai's DP World said on Monday it spent $32-million on a stake in a Mozambique company that manages the port of Maputo, the country's capital, looking to tap cargo traffic in southern Africa.

DP World, the world's fourth-largest container-port handler, bought 48,5 percent of Portus Indico-Sociedade de Servicos Portuarios.

Portus Indico owns 51 percent of Maputo Port Development Co, which manages Maputo port.

"Maputo is also one of the main corridors for the southern African hinterland," DP World CEO Mohammed Sharaf said in a statement. "We plan to invest further in container handling facilities there."

DP World already operates in Maputo, managing the container terminal at the port through Maputo International Port Services, of which it owns 60 percent.