Samudera Shipping Line: S56 – 0,56% has entered an agreement to purchase the 25 per cent stake held by a joint-venture (JV) partner in LNG East-West Shipping Company (Singapore) (LNG EW) for US$14.8 million, the company announced in a Wednesday (Dec 14) bourse filing.
The deal will raise Samudera’s interest in LNG EW from 25 per cent to 50 per cent. The seller, Nippon Yusen Kabushiki Kaisha, will still own the remaining 50 per cent of LNG EW.
Samudera said that it wants to raise its stake in LNG EW to better realise value from the company, which is engaged in liquefied natural gas transportation. The acquisition is expected to be completed by mid-December and not seen to materially impact Samudera’s earnings per share for the current financial year.
Samudera shares closed at S$0.885 on Wednesday, up 0.6 per cent or S$0.005. (The Business Times).