annoucement just out ADSTEAM MARINE LIMITED
ABN 87 065 888 440
An ISO 9001: 2000 Quality Assured Firm
Level 22, Plaza 2, 500 Oxford Street, Bondi Junction NSW 2022 Australia
PO Box 644, Bondi Junction NSW 1355 Australia
Tel: +61 2 9369 9200
Fax: +61 2 9369 9288
adsteam.com.au [email protected]
media release
30 June 2004
Adsteam Marine sells non-core tug barging
and stevedoring interests
Adsteam Marine Limited is pleased to announce the sale of its interest in the
non-core tug barging business in New Zealand and its stevedoring interests in
Australia.
Adsteam Marine owned 50% of Sea-Tow Ltd, a tug barging operator based in
Auckland, New Zealand. Adsteam and its partner, Northland Port Corporation,
have each sold their respective 50% interests in Sea-Tow as part of a
management buyout of the company.
Adsteam Marine’s interest in stevedoring was via its one-third interest in
Oversea & General Stevedoring Co. Pty Ltd, which owns 50% per cent of
Northern Shipping & Stevedoring Pty Ltd, a stevedoring business based in
Townsville, Queensland.
Adsteam Marine has sold half its interest in the company to each of the other
shareholders of Oversea & General.
John Moller, Managing Director of Adsteam Marine said, “The sale of these
interests is part of our strategy to divest non core businesses so we can focus
on our core ship assist business.”
Total proceeds from the sales were approximately A$9 million. This was in line
with management expectations and in excess of the book value.
The proceeds will be used to repay borrowings.
For further information, please contact
Paula Wilson
Adsteam Marine Limited
02 9369 9257 / 0419 489 959
ADZ
adsteam marine limited
