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DP World Sells Stake

DP World, the world's third-largest port operator, sold its 25 percent stake in container terminal Vostochnaya Stevedoring to Russia's Global Ports Investment for $230 million, the Dubai-based firm said Monday.

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

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

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

(Reuters)

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