Singapore Shipping Corporation (SSC) has agreed to sell its entire equity interest in Nanyang Maritime (S'pore) to ISK Singapore for $1.26 million.
In a filing to the Singapore Exchange, SSC said the directors believe that the disposal is in the interests of the company for the following reasons:
* Nanyang Maritime was primarily set up to undertake the physical distribution services of ISK;
* Ishihara Sangyo Kaisha, the holding company of ISK, said last August that it planned to close the titanium dioxide production plant of ISK as a part of its ongoing reformation of inorganic business portfolios.
The deal is expected to be completed on April 22.