I.M. Skaugen SE - IMSK agree to an offer to sell its 50 per cent share in Shenghui Gas and Chemical System Co Ltd, based in ZhangJiaGang in the Jiangsu Province, China.
(Thomson Reuters ONE) -
IMS has agreed terms, and signed a binding Equity Transfer Agreement, for the
sale of its 50 per cent holding in the Chinese manufacturing
company Shenghui Gas and Chemicals Systems Co Ltd (SGCS). The buyer
is Liangzhong Investment Co. Ltd, China that is also a major shareholder with
45.41% of its shares. The Buyer will arrange his own financing to secure the
purchase.
A RMB 10 mill non-refundable down payment was, as per the agreement, paid into
IMS' accounts and the remainder of the purchase price will be paid by end
November 2013. The agreements and repatriation of our funds are subject to
customary Chinese government approvals. The agreed price of our shares are RMB
259 mill or about USD 42 mill and will generate a book gain of about USD 6.1
mill.
The sale of SGCS is in line with IMS' focus on our core business; Liquefied Gas
Transportation, and our plan to visualize the potential values in the IMS' core
businesses. The investment in SGCS was initially made for strategic reasons in
order to secure high quality manufacturing capabilities for the supply of the
cargo containment and cooling systems for IMS' new-building program of nine
specialized gas carrying vessels in the period between the years 2006 to
2011. Six of these were "MG ships" which are designed to also transport LNG.
After the delivery of these ships our investment in SGCS became non-strategic
and we initiated the process of making a profitable exit in order to concentrate
our business on Liquefied Gas Transportation.
Says Morits Skaugen, the CEO of IMS; "We are proud to both have been the largest
shareholder and a contributor to the Shenghui company since 2006. We provided
the company with money and technology and its vision to focus on the LNG value
chain. We have then seen the further use of advanced technology to see its
growth in the employment of Chinese in the new factories that has been made in
China. When we made our equity investment of USD 11 mill in 2006 the Shenghui
company had a turnover of RMB 145 mill and expected this year is over RMB 1
billion. SGCS has thus since IMS' equity investment was made in 2006 developed
rapidly and it has been able to grow sevenfold in turnover while EBIT margins
have been kept stable at above 10%. This has been quite an achievement by the
management of this company; considering that no further equity injections have
been made since by its shareholders since our initial investment was made in
2006"
I.M. Skaugen SE
If you have any questions, please contact:
Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 00 or by e-mail:
bente.flo(at)skaugen.com. This press release is also available on the Internet at
our website: http://www.skaugen.com.
I.M. Skaugen SE is a Marine Transportation Service Company, with a focus on
Innovative Maritime Solutions. Our core activity is the seaborne transport and
logistics of liquefied gases, such as petrochemical gases, LPG and now also LNG.
The I.M. Skaugen Group of companies (IMS) currently operates a fleet of 30
vessels worldwide of which 17 are gas carriers within the core business area. We
are also capable to provide on- and off-shore LNG terminal management as well as
ship to ship transfer services of LNG/LPG and on a global basis. We have in-
house capabilities for the development and design of specialized high quality
gas carriers for our niche markets and we recruit, train and employ our own team
of seafarers.
IMS employs approximately 2,000 people globally out of which 700 are within our
core gas activity, and with 23 nationalities represented. We manage and operate
our activities and service our clients from our offices in Singapore, Oslo,
Shanghai, St. Petersburg, Houston, Sunderland and Bahrain.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: I. M. Skaugen SE via Thomson Reuters ONE
[HUG#1739933]
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2013 - 15:00 Uhr
Sprache: Deutsch
News-ID 312014
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