Boskalis and KS Investments sell harbour towage activities in Singapore and Malaysia

Royal Boskalis Westminster N.V. (Boskalis) and KS Investments Private Limited (KS Investments) have agreed to sell their harbour towage operations, Keppel Smit Towage (KST) in Singapore and Maju Maritime in Malaysia to Italy-based Rimorchiatori Mediterranei, a harbour towage operator. The sale of KST follows Boskalis’ strategic plan to exit its harbour towage operations. The acquisition is expected to be concluded during the first half of 2022, subject to regulatory approval from Singapore’s regulatory bodies.

Under the terms of the agreement, Boskalis will receive approximately USD90.9 million in cash for its 49 per cent stake in the towage businesses. KST and Maju Maritime have contributed around USD4.54 million to Boskalis’ net profit for the period between 2019-2021.