Royal Vopak completed the earlier announced divestment of its oil terminal in Algeciras to First State Investments. This divestment is the finalization of the sale of three terminals (Amsterdam, Hamburg, and Algeciras) to First State Investments. With the completion of this transaction, First State Investments now owns 100% of the shares in Vopak Terminal Algeciras.
The total transaction value agreed with First State Investments for 100% of the shares in the terminal is EUR125 million (US$137.583 million) and the transaction is expected to generate a net pre-tax cash inflow for Vopak of approximately EUR120 million (US$132.080 million) at completion. The total expected exceptional gain before taxation will be around EUR10 million (US$11 million).