Thoresen Thai Agencies disposes of ship agency business

Thoresen Thai Agencies (TTA) has announced the disposition of its investment in shipping agency Thoresen Shipping and Logistics (TSL) as part of an ongoing review of its business.

TTA has disposed of its entire 49% stake in TSL to Naxco Shipping and Logistics (Thailand) Ltd, an associated of Naxco Asia. The Naxco group previously owned 51% stake in TSL and it now controls 100% stake.

The 49% stake sold by TTA represents 245,000 TSL shares at a selling price of THB28m ($800,000). TTA has pocketed the proceeds from the sale on 13 July, the company announced to the stock exchange.

“The disposition of stake in TSL is in line with TTA’s strategy to restructure and strengthen the shipping business,” TTA stated. TSL was established in Thailand on 18 September 2000.

Posted 14 July 2016

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Lee Hong Liang

Asia Correspondent

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