Royal Vopak provides an update related to the earlier announced divestment of its terminal in Algeciras in Spain to First State Investments.

On 30 September 2019 Vopak updated the market that for the divestment of the terminal in Algeciras, Vopak was still in discussion with the minority shareholder Vilma Oil.

Today Vopak has concluded the discussions with the minority shareholder in Vopak Terminal Algeciras and has acquired the 20% of the shares held by Vilma Oil. Vopak has an agreement with First State Investments for the sale of 100% of the shares in Vopak Terminal Algeciras. The completion of this transaction is subject to customary closing conditions.

The total transaction value agreed with First State Investments for 100% of the shares in the terminal is EUR 125 million and the transaction is expected to generate a net pre-tax cash inflow for Vopak of approximately EUR 120 million at completion. The total expected exceptional gain before taxation will be around EUR 10 million.

At the completion of the transaction of the terminal in Algeciras, the use of the proceeds, including those of the completed sale of Hamburg and Amsterdam, will be announced in line with the strategy and financial framework as presented at the Vopak Capital Markets Day 27 November 2018.

Profile Vopak

Royal Vopak is the world’s leading independent tank storage company. We store vital products with care. With over 400 years of history and a focus on sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions for the world’s changing energy systems, while simultaneously investing in digitalization and innovation. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands.

About First State Investments

First State Investments is the international arm of Colonial First State Global Asset Management (First State), an experienced global asset manager with in excess of €127 billion managed on behalf of investors worldwide as at 31 December 2018. First State is a leading manager of infrastructure investments with over €8.0 billion of unlisted infrastructure capital under management and has been actively investing in long-life infrastructure businesses since 1994.