Bahrain-based Kanoo Shipping, a major regional shipping services provider in the Middle East, has entered into an agreement to acquire Wallem South Africa, a unit of Hong Kong’s Wallem Group.
Wallem South Africa provides a series of maritime solutions, including shipmanagement and ship agency. It will be renamed Kanoo Africa following the completion of the deal.
Kanoo Shipping, a unit of Yusuf Bin Ahmed’s Kanoo Group believes the deal will give it access to all South African ports as well as clients in Mozambique, Namibia and other destinations in the southern parts of the Indian Ocean.
“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,” said Fawzi Ahmed Kanoo, acting CEO of the Kanoo Group.