Royal Vopak has announced that it has divested its 40% ownership in the joint venture Nippon Vopak Co. Ltd. to Macquarie Asia Infrastructure Fund. Nippon Vopak owns and operates five terminals in Japan with a combined operational capacity of 203 200 m3.
This divestment is in line with the outcome of Vopak's business review. As part of this review, Vopak announced, amongst others, its decision to divest around 15 primarily smaller terminals.
The agreed net cash proceeds, based on the debt-free enterprise value of the divested ownership, amounts to approximately €26 million (after capital gains tax).
The proceeds from this transaction will be used to further strengthen Vopak's flexibility to execute its selective capital disciplined growth strategy and to support its consistent dividend policy, while maintaining a robust financial position.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/31052016/royal-vopak-divested-its-ownership-in-japanese-terminals-671/
