Singapore Shipping Corp sells distribution services business for $1.26m

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.