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DP World (“DPW”) received the extended deal and a near $2bn expansion approval for the Maputo port, one of the biggest in Mozambique. The Mozambique government approved the deal on Tuesday, extending the concession agreement by 25 years to 2058. According to the extended deal, investments of $1.1bn will be required by 2033, and capacity of the port will increase from 37mn tons per year currently to 54mn tons per year in 2058. It will quadruple the annual shipping-container capacity of the port to a million units during the same period. Maputo port has grown rapidly in recent years as it caters to exports from neighboring South African countries as well.
DPW’s dollar bonds were stable with its 2.375% 2026s at 95.6 cents on the dollar, yielding 4.1%.
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