Boskalis and its co-shareholder KS Investments (Keppel) have received approval from the regulatory agencies in Singapore for the sale of their harbour towage activities in Singapore and Malaysia to Rimorchiatori Mediterranei. Boskalis will receive approximately EUR 80 million in cash for its 49 per cent equity stake in the joint venture.
The intended sale with the regulatory approval as a condition precedent was announced in November last year. The transaction is expected to close at the beginning of the third quarter 2022. The sale transaction relates to Keppel Smit Towage (KST) and Maju Maritime.
Keppel Smit Towage (KST) was established in 1991 as a joint venture between Keppel and SMIT, a wholly-owned subsidiary of Boskalis. Over the past thirty years, KST has developed into one of the largest and leading harbour tug service providers in Southeast Asia. KST operates a combined fleet of 58 tug boats in Singapore and through its joint venture in Malaysia.
The sale of KST follows the strategic decision taken by Boskalis in 2019 to divest its harbour towage activities. Boskalis divested its stakes in Saam Smit Towage and Kotug Smit Towage in 2019.