13th Jun 2016 13:55
LONDON (Alliance News) - Braemar Shipping Services PLC on Monday said it has terminated its involvement in the ACM ICON Shipping DMCC venture, announcing the sale of its 50% stake to its joint-venture partner Icon Chartering Ltd.
In a statement, the shipping services provider said it has determined the venture is no longer part of its overall strategy.
Braemar Shipping Services PLC merged with ACM Shipping Group in July 2014. Prior to that, ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC, which until now was 50% owned by ACM Shipbroking, formerly ACM Shipping Group, and 50% owned by Icon Chartering.
"The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June 2016 and will continue to trade under the management and leadership of Rohan Shetty," Braemar said in a statement.
Shares in Braemar Shipping Services were down 0.7% at 443.21 pence Monday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Braemar Shipping