Thailand-based Thoresen Thai Agencies (TTA) has disposed of all its holdings in affiliated ship agency Thoresen Shipping and Logistics Ltd (TSL).
TTA said in an exchange filing that it had disposed of around 240,000 TSL shares to Thailand-based Naxco Shipping and Logistics.
The Bulker says stake sale is in line with strategy to restructure and strengthen shipping business.
"TTA hereby confirms the disposition of our investment in TSL, as part of an ongoing strategic review of our different businesses and subsidiaries," says a press statement.
The total amount received from the sale of shares in TSL is Baht 28,000,000 (Baht Twenty Eight Million) for 245,000 shares. The payment was made in full on 13 July 2016. TSL has a registered and paid-up share capital of Baht 50,000,000 (Fifty Million) divided into 500,000 (Five Hundred Thousand) ordinary shares with a par value of Baht 100 per share.
"The value of consideration is calculated from TSL’s net book value plus potential future earnings. TTA believes that the offer for TSL shares is fair and represents a good return on our investment," says the statement.
TSL was established on 18 September 2000 as a ship agency in Thailand. Ship agency provides port clearance, berthing, loading and discharging, cargo booking, supplying fuel, water, stores, vessel repairs and crew changes.