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Imperial sheds German subsidiary

Imperial sheds German subsidiary

Photo by Bloomberg

5th October 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Imperial Holdings has sold off its 65% stake in Imperial Logistics International subsidiary Neska to Port Authority Häfen und Güterverkehr Köln (HGK) in Cologne, Germany, for €75-million.

With its established capability and scale, HGK, which was controlled by Stadtwerke Köln and currently owned 35% of Neska, could “better advance” the subsidiary as it faced growing competition from established players with more scale, a better market positioning and pricing power.

Neska, the growth of which would be limited under Imperial, delivered operating profit of €7.2-million, with a net asset value of €14-million, in the financial year ended June 30.

The proceeds from the proposed transaction, which was expected to conclude in July 2016, would be used to reduce Imperial’s short-term debt and expand the group’s core businesses.

The deal remained subject to conditions precedent, including public approval procedures and unconditional regulatory approvals in all the relevant jurisdictions.

Edited by Creamer Media Reporter

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