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(Sharecast News) - Ocean Wilsons Holdings said in an update on Friday that it remained on track to complete the sale of its Brazilian maritime subsidiary Wilson Sons in the second quarter, subject to final regulatory approvals.
The FTSE 250 company said the transaction, agreed with MSC Mediterranean Shipping Company for BRL 4.35bn (£0.58bn), was expected to generate net cash proceeds of at least $593m, based on exchange rates at the time of the October announcement.
It reiterated its intention to return a portion of the proceeds to shareholders via a tender offer for up to 20% of its issued share capital, with further details to follow post-completion.
As at 31 March, Ocean Wilsons reported an implied net asset value per share of $27.20, supported by a $321.2m investment portfolio and $47.4m in holding company cash.
The investment portfolio fell 1.3% in the quarter, which the company described as a solid outcome amid heightened equity market volatility driven by global tariff concerns.
Private equity holdings and diversification contributed positively despite broader market weakness.
Wilson Sons reportedly delivered a strong first quarter, with net revenue rising 1.5% year-on-year to $131.3m and profit up 56.1% to $33.1m, buoyed by a robust performance in logistics and towage.
Ocean Wilsons said it would pay a dividend of $1.22 per share on 28 May, as approved at its recent annual general meeting.
At 1200 BST, shares in Ocean Wilsons Holdings were up 1.89% at 1,345p.
Reporting by Josh White for Sharecast.com.
