18th Aug 2005 14:43
Ocean Wilsons Holdings Ld18 August 2005 Ocean Wilsons Holdings Limited Ocean Wilsons Holdings Limited announces conditional acquisition of a further 33% in Tecon Rio Grande S.A Ocean Wilsons Holdings Limited a leading supplier of maritime services in Brazilannounces the conditional acquisition of a further 33% equity interest in TeconRio Grande S.A. currently held by Serveng Civilsan for Brazilian Real 55.5million (approximately US$ 23.7 million). The acquisition is conditional onapproval from the International Finance Corporation, who provide project financeto Tecon Rio Grande S.A. and whose decision is expected within one month.Completion of the acquisition should take place within 10 days from the receiptof approval. Tecon Rio Grande S.A. has a 17 year lease contract to operate the Tecon RioGrande container terminal at Rio Grande in Brazil which expires in February2022. Tecon Rio Grande is the second largest container terminal in Brazil andmoved 612,000 TEU's (Twenty foot equivalent units) in 2004. The consideration of Brazilian Real 55.5 million will be financed from theGroup's cash resources. Based on the audited accounts for the Group for the year ended 31 December 2004,Tecon Rio Grande contributed profits after tax of US$ 5.7 million. GrossAssets at the year end were US$55.1 million with net assets of US$ 26.1million. For the year ended 31 December 2004, Tecon Rio Grande was consolidated 100% inthe Ocean Wilsons Holdings Limited Group accounts with a minority interest of33%. Mr Cezar Baiao, Chief Executive of the Group's Brazilian operations said : "Theacquisition of a further 33% interest in Tecon Rio Grande will strengthen OceanWilsons Holdings Limited position in the growing container terminal market." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ocean Wilsons