Oceans Wilson confirms review of Brazilian business, shares surge

12th Jun 2023 09:57

(Sharecast News) - Shares in Ocean Wilsons Holdings jumped on Monday, after the maritime services specialist said it was reviewing the future of its Brazilian business.

Responding to reports in the Brazilian press that Oceans Wilson was in talks to sell 57%-owned subsidiary Wilson Sons, the Bermuda-headquartered company confirmed it had launched a strategic review of its investment.

It said: "That review, which will consider all potential strategic options, is currently at an early stage and there can be no certainty as to its outcome.

"The company has not received any formal proposals from any third party with regard to a potential transaction involving Wilson Sons."

That did not stop Ocean Wilsons' London-listed shares jumping, however, and by 1030 BST they had put on 12% at 916.85p.

Ocean Wilsons has two core investments: Oceans Wilsons (Investments), an actively managed fund, and Brazil's Wilson Sons. Founded in 1837, Wilson Sons is one of Brazil's biggest providers of integrated maritime, port and logistics services, with a presence in most of the country's ports. It also operates the Tecon Rio Grande container terminal.