IMPERIAL INTERNATIONAL TO SELL EUROPEAN SHIPPING

IMPERIAL Logistics International, subsidiary of JSE-listed Imperial Holdings, has agreed to sell its European shipping business to Häfen und Güterverkehr

Köln, of Germany for €225 million

(R4.64 billion). Only Imperial’s interest in the European shipping business was being sold. The interest in the South American shipping business would be retained, although held for sale, a statement from Imperial said yesterday. The share price gained 2.6 percent to R33.41 on the JSE yesterday afternoon, before closing at R33.97. The business was sold because it did not fit into Imperial’s strategy of growing its

African footprint. The buyer operates a variety of logistics services, covering port operations, warehousing, inland waterway shipping and railway transport in Germany, the Netherlands, Belgium and France. Imperial’s shipping business, acquired in 1999, operates inland waterway transport in Europe and, since 2014, also in South America, providing services in the areas of dry bulk, liquid, chemicals and gaseous products. The business has a fleet of more than 400 owned, leased and chartered vessels, dry bulk barges, cargo motor vessels, chemical and gas barges, and moves about 45 million tons of products annually. Imperial said, however, it wanted to position the group as the “Gateway to Africa” in the medium to long term.

This would result in Imperial having an integrated logistics and market access offering, focused on Africa.