Odfjell Terminals Asia Holding has finalised the sale of its indirect 55 percent equity interest in Odfjell Terminals (Jiangyin) Co. for $46 million.
The company made reference to the stock exchange announcement of May 8, 2018, in which Odfjell SE (Odfjell) announced that Lindsay Goldberg (LG) is considering a sale of its 49 percent shareholding in Odfjell Terminals BV.
After LG completed the sales of its shareholdings in the U.S. and European terminals, LG is now in the process of selling its shareholding in the Asian terminals. Connected with this, Odfjell has decided to tag along on LG’s sale of its indirect shareholding in Odfjell Terminals (Jiangyin).
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.”
The transaction will result in a capital gain expected to be booked in the third quarter, and net proceeds to Odfjell estimated at $21 million.
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