Boskalis and its co-shareholder KS Investments (Keppel) have completed the sale of their equity stakes in their harbour towage activities in Singapore and Malaysia. The new owner of Keppel Smit Towage and Maju Maritime is Rimorchiatori Mediterranei.
The intended sale was announced on 15 November 2021.
Boskalis received EUR 92 million in cash for its 49 per cent equity stake in the joint ventures resulting in a pre tax book gain of approximately EUR 50 million, both of which will be included in the 2022 first half year results. The activities and results of KST and Maju were deconsolidated as per 1 January 2022.
Keppel Smit Towage and Maju
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/Maju has developed into one of the largest and leading providers of harbour towage services in Southeast Asia.
KST/Maju operates a large fleet of tugboats in Singapore and through its joint venture in Malaysia.
Divestment of towage business
The sale of KST/Maju 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.
Rimorchiatori Mediterranei is a subsidiary of Rimorchiatori Riuniti Group, a maritime service provider headquartered in Genoa, Italy, established in 1922. Rimorchiatori Mediterranei operates a fleet of more than 100 modern vessels in more than twenty major ports employing approximately 900 people.