subsidiary Wilson Sons financing agreement

RNS Number : 1638O

Ocean Wilsons Holdings Ld

13 September 2011

 



Ocean Wilsons Holdings Limited

Our principal operating subsidiary, Wilson Sons Limited announced to the Brazilian and Luxembourg Stock Exchanges the following announcement.

Wilson Sons Limited announces the signing of a USD 80 million financing agreement relative to Tecon Salvador expansion

Wilson Sons Limited ("Company") announces that Tecon Salvador S.A. (a subsidiary of the Company) signed a USD 80 million (eighty million dollars) loan agreement with the International Finance Corporation ("IFC") to finance the expansion of its container terminal in Salvador, Bahia. The expansion of the terminal represents an important investment in the development of the future trade capacity for Salvador, the State of Bahia and the Northeast of Brazil. The expansion will double the terminal's capacity and includes the berth reinforcement, retro-area paving, dredging, and the purchase of new equipment.

Following the expansion, expected to be completed by March 2012, the terminal will have 2 berths of 377 meters and 210 meters, and a total area of 118,000 sqm. This expansion together with public dredging will allow the efficient access of post-panamax ships that can measure in excess of 300 metres in length and are capable of transporting up to 9,000 TEUs at a time. Additionally, the planned new expressway connecting the federal highway BR-324 to the Port of Salvador will further facilitate cargo movement for Tecon Salvador and surrounding area.

In 2010, Tecon Salvador handled 262.000 TEU and employed nearly 520 people. The main products handled in the terminal are petrochemicals, rubber, tires, cellulose, fruits, and auto parts. Europe, USA, and China are the destinations for the majority of the exported product.

Company Contact

Keith Middleton                                     1 441 295 1309

Seymour Pierce Limited                           020 7107 8000

Guy Peters - Corporate Finance

David Banks - Corporate Broking

 

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