Ocean Wilsons Holdings - Sale of Wilson Sons investment

Ocean Wilsons announced today that it has agreed to sell its 56.47% stake in Wilson Sons to SAS Shipping Agencies Services, a wholly owned subsidiary of MSC Mediterranean Shipping Company, for R$4.4bn (equivalent to R$17.50 per share). The consideration will be converted into US dollars, which, at the current exchange rate, implies a purchase price of US$768m. The transaction is expected to trigger a Brazilian withholding tax liability of up to US$142m and to ultimately realise net cash proceeds of ‘at least US$593m’. The transaction is expected to complete in H225. A ‘meaningful’ proportion of the proceeds will be returned to shareholders and some may be reinvested in Ocean Wilsons.