Biography Of Mohammed Akoojee (Age , Wife , Net Worth) - Imperial Logistics, a South African logistics and market access solutions company owned by South African billionaire Mohammed Akoojee, announced the strategic purchase of a majority position in Africa FMCG Distribution Ltd. on Tuesday, July 12. (AFMCG).
The acquisition of a majority position in the Nigeria-based corporation is strategically important for DP World, an Emirati global logistics company that acts as Imperial Logistics’ parent company, and will boost the group’s foothold on the African continent.
The acquisition is consistent with Dubai’s five-year plan to increase trade partnerships with attractive global markets as part of the emirate’s attempts to elevate its reputation as an international corporate centre, with an emphasis on high-growth regions such as Africa, Latin America, and Asia.
Mohammed Akoojee, chief operating officer of DP World Logistics and group CEO of Imperial, commented on the purchase, saying that it gives Imperial with a good potential to develop while also delivering pan-African solutions to its partners and consumers.
“As one of the largest economies on the African continent, Nigeria has a sizable consumer market,” he explained. “AFMCG provides us with an ideal opportunity with the necessary scale to sell truly pan-African solutions to our principals and clients.”
AFMCG, a subsidiary of the Chanrai Group, is a multidimensional firm that offers a countrywide and best-in-class route-to-market solution in Nigeria through a variety of channels. It also provides co-manufacturing, co-packing, sourcing, and value-added services for fast-moving consumer goods.
Subodh Chanrai, Chairman of AFMCG, stated that the strategic transaction strengthens the company’s presence in Africa. “It also allows us to provide additional benefits to our principals while staying current with the evolving needs of the African consumer,” he added.
Imperial’s transaction is the company’s first after being bought by DP World, a worldwide logistics company founded by Dubai-based tycoon Sultan Ahmed bin Sulayem, on March 21.
For Imperial Logistics investors, the transaction provides a value unlock opportunity, with Akoojee receiving at least $1.5 million from his 0.19 percent share in Imperial.
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