Braemar Shipping Regulatory News (BMS)

23 Aug 2006 15:07

Braemar Seascope Group PLC23 August 2006 BRAEMAR SEASCOPE GROUP plc ____________________________________________________________________ PRESS RELEASE For immediate release 23 August 2006 Braemar Seascope Group plc Buy out of 50% interest in Braemar Container Shipping and Chartering Limited ("BCSCL") Braemar Seascope has purchased the 50% interest in BCSCL that it did notpreviously own from its joint venture partners, Shipping and Chartering GMBH.The consideration for the purchase of the 50% interest was £1.225 millionsatisfied in cash from existing resources. The business comprises 10 container brokers covering both the sale and purchaseand the chartering markets, based in Braemar Seascope's London office. In theyear to 28 February 2006, BCSCL earned revenues of £1.8m and pre-tax profits of£0.3m. Commenting on the deal, Braemar Seascope's Chief Executive, Alan Marsh, said, "It is logical that our successful container desk is wholly-owned within BraemarSeascope's broking operation and we are pleased to expand our interest in thisimportant market." Ends For further information, contact: Braemar Seascope Group plc Alan Marsh Tel 020 7535 2650 James Kidwell Tel 020 7535 2881Aquila Financial Vivienne Macey Tel 020 7202 2602Charles Stanley Securities Philip Davies Tel 020 7953 2000 This information is provided by RNS The company news service from the London Stock Exchange