Hengyang proposes to acquire 49% stake of Odfjell Nangang Terminals (Tianjin)

Lim Hui Jie
Lim Hui Jie6/21/2022 08:36 PM GMT+08  • 3 min read
Hengyang proposes to acquire 49% stake of Odfjell Nangang Terminals (Tianjin)
Photo credit: Hengyang Petrochemical Logistics
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A joint venture company of Hengyang Petrochemical Logistics has entered into an equity transfer agreement to acquire the 49% stake held by hazardous materials handler Odfjell Terminals Asia in Odfjell’s JV, Odfjell Nangang Terminals (Tianjin).

Jiangyin Foreversun Chemical Logistics will acquire a 49% stake of Odfjell Nangang Terminals (Tianjin), currently valued at RMB 342 million ($70.9 million), which puts the 49% stake at RMB 167.6 million.

The consideration for the sale will be a nominal value of RMB 10, and Jiangyin Foreversun Chemical will take over the corporate guarantee with regard to a RMB 667 million loan owed to a financial institution in China.

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