The company confirmed the move in a stock market announcement following an earlier Wall Street Journal report that it is exploring exit options for its PB Towage business.
The wire report, quoting unnamed sources, said PacBasin had hired Citigroup to find a buyer for its Australian units, PB Towage and PB Sea Tow, in a sale which could raise over AUD500m ($476.7m).
"The board confirms that it has approved sounding out the market to establish if there is interest in a third party acquiring the PB Towage business as part of its responsibility to shareholders to maximise the value of the Company." PacBasin said, adding that "the process is at a very preliminary stage and there is no certainty that the Company will proceed with any transactions".
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