French SDV buys stake in Fast Overseas

Shipping firm acquires 28 percent of Beirut-based freight forwarder

Beirut-based shipping group Fast Overseas (Holding) announced that it has entered a partnership with French international transportation company SDV. Through the partnership, SDV acquired a minority interest in the Fast Overseas group. The group is also present in Syria, Jordan, Italy, and Germany.

Through the partnership deal, SDV bought a 28 percent stake in Fast Mondial & Marine, the Lebanese entity of the group. The majority shareholders of Fast Mondial & Marine are Elie Harfouche, Alain Harfouche, Robert Paoli, and Fouad Fakih.

According to Robert Paoli, CEO at Fast Mondial & Marine, SDV also bought stakes in the company’s Syria and Jordan subsidiaries. He said that the firm also plans to team up with SDV's Iraqi branch. Paoli said that Lebanon will be the base of operations for the new partnership. Fast Mondial & Marine was founded in Beirut in 1990.

Reported by Hanadi Chami