Odfjell Terminals has sold its 55% indirect equity interest in Odfjell Terminals Jiangyin in China to Yangzijiang Shipbuilding for $46 million.
After Lindsay Goldberg completed the sales of its shareholdings in the US and European terminals, it is now in the process of selling its shareholding in the Asian terminals. Odfjell has decided to tag along on LG's sale of its indirect shareholding in Odfjell Terminals Jiangyin.
Kristian Mørch, CEO of Odfjell, says: 'We are pleased to have concluded the sale of our Jiangyin terminal and its jetty at what we believe is a fair valuation that is a testimony to the strength and quality of the investments made since 2007.
'This divestment is in line with our strategy to grow and focus on chemical terminals in locations where we can harvest synergies with Odfjell Tankers.
'We appreciate the cooperation we have had with our partner Jiangsu Garson Gas in China, and whish them and their new partner Yangzijiang Shipbuilding a successful future in further developing the full potential of the terminal and its jetty.'
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