Odfjell SE sells its share of Jiangyin terminal in China
Published by Tom Mostyn,
Editorial Assistant
Hydrocarbon Engineering,
Referencing the stock exchange announcement of 8 May 2018, in which Odfjell SE announced that Lindsay Goldberg (LG) is considering a sale of its 49% shareholding in Odfjell Terminals BV. Odfjell SE has announced that Odfjell Terminals Asia Holding Pte. Ltd has finalised the sale of its indirect 55% equity interest in Odfjell Terminals (Jiangyin) Co., Ltd.
After LG completed the sales of its shareholdings in the US and European terminals, LG is now in the process of selling its shareholding in the Asian terminals. Connected with this, Odfjell has decided to join in with LG’s sale of its indirect shareholding in Odfjell Terminals (Jiangyin).
Odfjell Terminals Asia Holding has sold its indirect equity interest in Odfjell Terminals (Jiangyin) to Yangzijiang Shipbuilding (Holdings) Ltd for a price of approximately US$46 million. The transaction will result in a capital gain expected to be booked in 3Q19, and net proceeds to Odfjell are estimated at US$21 million.
Commenting on the transaction, Kristian Mørch, CEO of Odfjell, said: “We are pleased to have concluded the sale of our Jiangyin terminal and its jetty at what we believe is a fair valuation that is a testimony to the strength and quality of the investments made since 2007. This divestment is in line with our strategy to grow and focus on chemical terminals in locations where we can harvest synergies with Odfjell Tankers. We appreciate the cooperation we have had with our partner Jiangsu Garson Gas Co., Ltd in China, and wish them and their new partner Yangzijiang Shipbuilding a successful future in further developing the full potential of the terminal and its jetty.”
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/16072019/odfjell-se-sells-its-share-of-jiangyin-terminal-in-china/
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