Global Ports Investments and Royal Vopak, have sold their 100% effective share ownership in AS Vopak E.O.S. (VEOS), to Liwathon. VEOS was a 50/50 joint venture of Global Ports and Royal Vopak. The parties agreed not to disclose the price of the transaction.
Liwathon headquartered in Abu Dhabi, United Arab Emirates, positions itself as an integrated commodity trading, logistics and investment business.
“The decision to sell VEOS was driven by the Group’s strategic focus on opportunities in its core business where the Group sees attractive long-term prospects for itself. The divestment will enable the Group to designate more funds to ongoing deleveraging and to continue developing additional revenue streams”, Global Ports said in its statement.