PSA Marine Completes $112M Acquisition
PSA Marine completed the acquisition of the marine business of Sembcorp Logistics Ltd. for $112.97 million. "The strategic acquisition complements PSA Marine's core business and extends its geographical reach to key overseas markets in Hong Kong, Southeast Asia, Middle East and Africa," said PSA in a statement. The addition of salvage tugs and semi-submersible barges to its fleet would also widen PSA Marine's range of marine services to include international emergency response and ocean towage, it said. "We will consolidate our core activities and at the same time expand into new growth areas. There is potential in the offshore support business for the oil and gas industry and we are currently focusing on niche business opportunities," said PSA Marine managing director V. Sivarajan.
Stake In Ferry Company Sold
SembCorp Logistics Ltd. has entered into a conditional sale and purchase agreement with Kalpin Trading and Shipping Pte Ltd. for its 30 percent stake in Auto Batam Ferries & Tours for S$2 million. Currently, SembCorp Logistics and Kalpin have equity interests of 70 percent and 30 percent, respectively, in Auto Batam. SembCorp Logistics said Auto Batam had also entered into a conditional sale and purchase agreement with Penguin Boat International Ltd. for disposal of all its assets and businesses for a total consideration of S$28.5 million. It said the second agreement was conditional upon the approval of Penguin Boat's shareholders, and the first agreement depended on conclusion of the second pact.
