Acquisition gives M.E. giant route into African ports
Kanoo Shipping, one of the largest shipping agencies in the Middle East, has announced it has signed an agreement to acquire Wallem South Africa, a provider of integrated maritime solutions.
Wallem South Africa, now known as Kanoo Africa PTY LTD, was part of The Wallem Group, the world’s largest providers of ship broking and freight and logistics.
The acquisition means the Kanoo Group, mother-company of Kanoo Shipping, will have access to various South African ports, as well as clients in Mozambique and Namibia.
Acting CEO of YBA Kanoo Group Fawzi Ahmed Kanoo said. “The due diligence we performed prior to the acquisition made us confident that we are buying an excellent business in all aspects.
‘Wallem is a reputable name in the maritime industry and acquiring its operations in South Africa will be a gateway for Kanoo Shipping into the continent of Africa.
“At Group level YBA Kanoo’s Shipping and Logistics business divisions will benefit from having a solid footprint in Africa which will reflect positively on the services they provide to their clients."
The Kanoo Group is a large family-owned conglomerate based in UAE and Oman.
It is a part of the parent company Yusuf Bin Ahmed Kanoo (established in 1890; 128 years ago), founded in Bahrain by Haji Yusuf Bin Ahmed Kanoo which started from a humble trading and shipping enterprise.
Now the Kanoo Group operates in UAE and Oman, with Mishal Hamed Kanoo serving as the Chairman, and over 1,200 employees working for its divisions.
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