Vopak increases its stake in Singapore to 69.5%
Koninklijke Vopak N.V. (Royal Vopak) announces that it has further increased its stake in Van Ommeren Tank Terminal (Singapore) Pte Ltd by 3.5% to 69.5%. Together with PSA Corporation Limited (PSA), Vopak acquired Development Bank of Singapore’s (DBS) 5% shareholding. As a result, PSA’s interest in Van Ommeren Tank Terminal (Singapore) Pte Ltd has risen from 29 to 30.5%.
This further expansion of Vopak’s share in Van Ommeren Tank Terminal (Singapore) Pte Ltd follows the earlier announced acquisition of the Intraco Pte Ltd shareholding and underscores Vopak’s confidence in this major location in the Asian market.
As a result of these transactions the number of shareholders of Van Ommeren Tank Terminal (Singapore) Pte Ltd has been reduced from four to two.
Vopak paid an amount of some SGD 11 million (approximately EUR 6 million) for this additional shareholding. As for the recently announced purchase of the shares of Intraco, this acquisition will immediately provide a positive contribution to the 1999 net profit.
Profile of Vopak
Vopak offers logistics and distribution services to the chemical and oil industries and end-users of chemicals throughout the world. With its global logistics network of terminals, tankers and tank containers, a distribution network of warehouses, customers and end users in North America and Europe, Vopak is uniquely positioned to become the link between the producer and end-user of chemicals and oil products.
For further information, please contact:
Jet van Beusekom-Eikenaar
Telephone : +31 10 464 2616
E-mail : corporate.communication@vopak.com
