Braemar Shipping Services PLC Exit from Joint Venture (0363B)
June 13 2016 - 9:45AM
UK Regulatory
TIDMBMS
RNS Number : 0363B
Braemar Shipping Services PLC
13 June 2016
13 June 2016
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
Exit from Joint Venture
Braemar Shipping Services plc (LSE: BMS), a leading
international provider of broking, consultancy, technical and other
services to the shipping, marine, energy, offshore and insurance
industries, today announces that it has terminated its involvement
in the venture ACM ICON Shipping DMCC.
Braemar has determined that this is no longer part of Braemar's
overall group strategy and should therefore be exited. Braemar's
50% share will be acquired by the joint venture partner, Icon
Chartering Ltd.
Braemar Shipping Services PLC ('Braemar') merged with ACM
Shipping Group ('ACM') in July 2014.
Prior to that ACM had a joint venture operating from Dubai
called ACM ICON Shipping DMCC ('ICON Shipping') which until now was
50% owned by ACM Shipbroking (formerly ACM Shipping Group) and 50%
owned by Icon Chartering.
The joint venture vehicles will be renamed Icon Chartering
Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June
2016 and will continue to trade under the management and leadership
of Rohan Shetty.
For further information, contact:
Braemar Shipping Services
James Kidwell, Chief Executive Tel +44 (0) 20 3142
4100
Louise Evans, Finance Director
Stockdale Securities
Robert Finlay / Antonio Tel +44 (0) 20 7601
Bossi / Richard Johnson 6100
/ Henry Willcocks
Buchanan
Charles Ryland Tel +44 (0) 20 7466
Stephanie Watson 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 13, 2016 09:45 ET (13:45 GMT)
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