OCN Ocean Wilsons

Edison issues report on Ocean Wilsons Holdings (OCN)

Edison Investment Research Limited
Edison issues report on Ocean Wilsons Holdings (OCN)

21-Oct-2024 / 15:24 GMT/BST
The issuer is solely responsible for the content of this announcement.

 

London, UK, 21 October 2024

 

Edison issues report on Ocean Wilsons Holdings (OCN)

Edison issues report on Ocean Wilsons Holdings (LSE: OCN)

Ocean Wilsons announced today that it has agreed to sell its 56.47% stake in Wilson Sons to SAS Shipping Agencies Services, a wholly owned subsidiary of MSC Mediterranean Shipping Company, for R$4.4bn (equivalent to R$17.50 per share). The consideration will be converted into US dollars, which, at the current exchange rate, implies a purchase price of US$768m. The transaction is expected to trigger a Brazilian withholding tax liability of up to US$142m and to ultimately realise net cash proceeds of ‘at least US$593m’. The transaction is expected to complete in H225. A ‘meaningful’ proportion of the proceeds will be returned to shareholders and some may be reinvested in Ocean Wilsons.

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The issuer is solely responsible for the content of this announcement.
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