Imperial Logistics reaches deal to sell its South American shipping business
CAPE TOWN – IMPERIAL Logistics has moved further to refocus its operations after announcing yesterday that it would sell its South American shipping business of more than 90 vessels to Hidrovias do Brasil for about £100 million (R1.43 billion). Imperial’s share price increased 1.95 percent to R49.07 yesterday afternoon. The share closed 1.08 percent higher at R48.65 on the JSE yesterday.
Imperial has been transforming from a portfolio of regional businesses to an integrated end-to-end logistics and market access business focused on Africa. The aim of the restructuring was to leverage its scale, competitive advantages and capabilities in the health care, consumer, chemicals, automotive, industrial and commodities industries. Imperial had previously assessed the strategic fit of its Logistics International business and had opted to exit the business in a phased approach, as it was non-core.
The South American shipping business had been held for sale since May last year, and had been operated on a stand-alone basis since then.
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