Boskalis and its co-shareholder KS Investments Pte. Ltd. (Keppel) have completed the sale of their equity stakes in their harbor towage activities in Singapore and Malaysia (Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd) to Rimorchiatori Mediterranei S.p.A. The intended sale was announced on 15 November 2021.
Boskalis received EUR 92 million in cash for its 49% equity stake in the joint ventures resulting in a pre tax book gain of approximately EUR 50 million, both of which will be included in the 2022 first half year results. The activities and results of KST and Maju were deconsolidated as per 1 January 2022.
Keppel Smit Towage (KST) was established in 1991 as a joint venture between Keppel and SMIT, a wholly-owned subsidiary of Boskalis. Over the past thirty years, KST/Maju has developed into one of the largest and leading providers of harbor towage services in Southeast Asia. KST/Maju operates a large fleet of tugboats in Singapore and through its joint venture in Malaysia.
The sale of KST/Maju follows the strategic decision taken by Boskalis in 2019 to divest its harbor towage activities. Boskalis divested its stakes in Saam Smit Towage and Kotug Smit Towage in 2019.
Rimorchiatori Mediterranei S.p.A. is a subsidiary of Rimorchiatori Riuniti Group, a leading maritime service provider headquartered in Genoa, Italy established in 1922. Rimorchiatori Mediterranei operates a fleet of more than 100 modern vessels in more than 20 major ports employing approximately 900 people.