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Wilhelmsen spins off Treasure entity holding Hyundai Glovis stake

Wilh. Wilhelmsen has revealed plans for Den Norske Amerikalinje, which owns a 12% shareholding in Hyundai Glovis, that will see it demerged from Wilh. Wilhelmsen, named Treasure, and listed on Oslo Bors.

Thomas Wilhelmsen, group CEO of Wilh. Wilhelmsen Holding, said: “The proposed demerger will improve transparency and create a simpler structure visualising values for shareholders in WWASA.”

Wilhelmsen said the proposed restructuring will allow the company to focus on core activities while creating “a new entity which we can utilize to create shareholder value.”

The company said that shareholders in WWASA will receive shares in Treasure pro-rated, with Wilh. Wilhelmsen Holding owning 72.7% of the new entity.

“We prefer to develop WWASA independently, because the Hyundai Glovis holding has become a significant part of the overall market capitalisation of WWASA and poses a challenge for assessing fair relative value for the core activities within WWASA,” added Jan Eyvin Wang, president and CEO of Wilh. Wilhelmsen ASA.

The new structure is subject to approval at an extraordinary general meeting to be held in April 2016 with the company aiming to complete the restructuring during the second quarter.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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