Oslo: Oslo-listed Wilh Wilhelmsen is reducing its shareholding from 12.5% to 12% in Seoul-based car logistics specialist Hyundai Glovis. Wilh Wilhelmsen is pocketing $39m from the sale .
The sale does not come as a surprise. When Wilh Wilhelmsen CEO , Thomas Wilhelmsen, summarised the fourth quarter income results, he noted that the cargo mix for the company continued to be unfavourable which combined with less contribution from Hyundai Glovis had led to a decline in income in the company’s shipping and logistics segment.
Wilh Wilhelmsen stressed that “the relationship with the Hyundai Group is strong, and the shareholding in Hyundai Glovis Ltd continues to be long-term and strategic for Wilh Wilhelmsen.”
Wilh Wilhelmsen first invested in Hyundai Glovis 11 years ago, paying $100m for a 25% stake in the PCTC player.