LONDON (CNI)--Dutch oil and chemicals distribution and logistics services group Vopak announced on Wednesday that it is selling its 50% stake in Swedish logistics firm Brostrom.
It has successfully sold its B shares holding, representing 49% of Brostrom's capital, and plans to sell its A shares holding, representing the remaining 1% stake, in the next few days.
Vopak said the B shares have been placed with some 40 Nordic and other international institutional investors through Nordea Securities, which acted as financial adviser to the transaction. Proceeds from the sale of these shares were Euro58m ($53m), which Vopak said is close to book value.
Following completion of that transaction, Vopak will in the next few days sell its full A shareholding to Brostrom's remaining A shareholders.
Lennart Simonsson, Brostrom's chief executive, said the transaction will benefit his company's shareholders: "The sale aims at increasing the free float and liquidity of the shares which will lead to a more efficient pricing of the shares," he explained.
Vopak said the divestment is in line with earlier announcements to reduce its stake in Brostrom, which focuses on industrial product tanker shipping and marine services for the oil and chemical industries.
In anticipation of the divestment, Vopak and Brostrom recently agreed to initiate and develop jointly integrated logistics solutions for the oil and chemical industry. The alliance will enable the partners to offer solutions by combining liquid sea transportation with tank storage terminals and inland barging operations.
Commenting on the recently signed agreement, Vopak board member Paul Govaart said: "The strategic alliance is a natural step between our companies confirming the business direction that we together have been following for some years as safe and reliable service providers to the oil and chemical industry."