16th Nov 2016 15:45
LONDON (Alliance News) - Ocean Wilsons Holdings Ltd on Wednesday said Tecon Salvador S/A has signed the second amendment to its lease agreement with the Brazilian Federal Government through the Ministry of Transport, Ports and Civil Aviation.
Ocean Wilsons is a Bermuda-based investment company, which operates as a maritime services company in Brazil through its Wilson Sons subsidiary. Tecon Salvador is a subsidiary of Wilson Sons.
The amendment comes with the approval of the National Agency for Waterway Transportation and the State of Bahia Dockers, and extends the term of the concession until March 13, 2050.
Wilson Sons is obligated to complete the minimum expansion and maintenance capital expenditure through to the end of the concession. Minimum expansion investments are budgeted at around BRL398 million, which equates to GBP93 million at current exchange rates.
These investments will be completed in phases during the concession to ensure the terminal reaches a capacity of 925,000 twenty-foot equivalent units per year.
Shares in Ocean Wilsons were trading up 0.8% at 970.00 pence on Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Ocean Wilsons