Asia

Shopping spree for Singapore Shipping Corporation

Singapore: Singapore Shipping Corporation has gone on a large shopping spree, buying shares in a ship agency, a terminal and a logistics company. SSC has spent S$15m buying stakes from MYP Ltd in Hai Poh Terminals, Island Line, Nanyang Maritime (S’pore) and SSC Shipping Agencies. MYP is keen to offload its maritime stakeholdings as it wants to focus exclusively on real estate.  SSC’s business is presently based on its fleet of car-carriers, which are placed on long-term charters to blue-chip operators.

On the rationale for the acquisition SSC said it “remains open to complementary, opportunistic acquisitions that can help improve the group’s revenue streams, profitability and returns for shareholders.”  [09/01/13]

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