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Tue 31 May 2016, 08:34 GMT

Vopak sells ownership in Japanese terminals


Terminal operator divests its 40 percent ownership in the joint venture Nippon Vopak Co. Ltd. to Macquarie Asia Infrastructure Fund.

Royal Vopak has today announced that it has divested its 40 percent ownership in the joint venture Nippon Vopak Co. Ltd. to Macquarie Asia Infrastructure Fund. Nippon Vopak owns and operates five terminals in Japan with a combined operational capacity of 203,200 cubic metres.

In a statement, Royal Vopak said: "This divestment is in line with the outcome of Vopak's business review, which was announced on 2 July 2014. Based on this business review, Vopak has updated its terminal portfolio criteria in accordance with the changing energy and petrochemical landscape. As part of this review, Vopak announced, amongst others, its decision to divest around 15 primarily smaller terminals."

The agreed net cash proceeds, based on the debt-free enterprise value of the divested ownership, amount to approximately EUR 26 million (after capital gains tax). From a financial reporting perspective the divestment will be reported in the second quarter of 2016 and will result in a small exceptional gain, Vopak said.

"The proceeds from this transaction will be used to further strengthen Vopak's flexibility to execute its selective capital disciplined growth strategy and to support its consistent dividend policy, while maintaining a robust financial position," Vopak added.

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