Greater China

Pacific Basin sells off towage business

Hong Kong: Pacific Basin has announced that the company is to dispose its entire equity interest in PB Towage (Australia), including the company’s business in its harbour towage operations, and sell an two additional harbour towage vessels owned by other PB group companies to Smit Lamnalco Singapore. The total transaction value is AUD74m.

The principal business activity of PB Towage (Australia) is the provision of harbour towage services in Australia.

Earlier this year, the company failed to sell off its harbour towage and offshore towage businesses to PSA Marine.

The deals are consistent with the company’s strategy to further focus its activities on its dry bulk business.[12/12/14]



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