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Agritrade Resources sells 45% stake in Agritrade Shipping to chairman

Photo of Jason Jiang Jason JiangDecember 14, 2016
57 Less than a minute

Hong Kong-listed Agritrade Resources has announced that the company has reached an agreement with its chairman, Ng Say Pek, for the sale of 45% equity in Agritrade Shipping. The total value of the transaction is $10.66m.

Agritrade Shipping is an investment holding company incorporated in the British Virgin Islands, and the sole asset of Agritrade Shipping is a South Korean-built 309,300dwt VLCC.

Agritrade Resources said the disposal is mainly for the purpose of meeting financing needs and the group is confident to further explore the potential of the VLCC business.

Photo of Jason Jiang Jason JiangDecember 14, 2016
57 Less than a minute
Photo of Jason Jiang

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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