Lemissoler Shipping joins with Bahrain investors

SFS Group Public Company Limited announced that its subsidiary Lemissoler Shipping Group PCL, has sold five subsidiary companies, owners of five paper carriers, to the newly established company Lemissoler Maritime Company W.L.L. (“Lemissoler Maritime”) for the total amount of $27.600.000 (EUR18.150.729,98). The consideration comprises $19.500.000 (EUR12.823.885,31) in cash and a 12,5% stake in Lemissoler Maritime, which will have minimum net value of $65.000.000 (EUR42.746.284,36).

Lemissoler Maritime is established as a company in Bahrain, for the purpose of owning and operating commercial vessels under long term, fixed-rate time charters and plans to acquire more vessels during 2008.

Lemissoler subsidiary company, Lemissoler Shipmanagement Ltd, will be the Operating Manager of Lemissoler Maritime. A profit of $18.300.000 (EUR12.034.723,14) arises from the aforementioned sale of the Subsidiaries whose net assets were $9.300.000 (EUR6.116.006,84). The profit attributable to the SFS shareholders amounts to $8.639.000 (EUR5.681.310,01).

The contribution to profits from the Subsidiaries activities during 2007 amounted to EUR2.683.000 and for the first two months of 2008, to EUR384.000. The above mentioned transaction is part of the strategic priorities of SFS that aim at unlocking shareholder value and investing through funds with its clients.