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A representative for Cargo Services Far East declined to comment, while a representative for DP World didn’t immediately respond to a request for comment.
Founded in 1989 by Lau, Cargo Services Far East’s businesses include ocean and freight shipping, cold chain logistics and fashion distribution, according to its website. The Hong Kong-based company has offices in China, the UK, South Africa, the US and Singapore.
Lau’s empire includes a majority stake in Hong Kong-listed CN Logistics International Ltd., which he is also chairman and executive director of. The stock has dropped 31% in the past 12 months, valuing the company at $212 million.
Bloomberg News reported in November that DP World was in talks to acquire Cargo Services Far East.
DP World was founded in 1972 as a local port operator in Dubai and has since expanded globally, counting more than 100,000 employees in about 75 countries, according to its website. Its services include freight forwarding, contract logistics, ports and terminals and marine services.
Earnings dropped to $820 million last year from $1.23 billion a year earlier, DP World said last month. The Asia Pacific region and India accounted for 12% of revenue last year, according to its latest investor presentation.
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