Stock News: Singapore Shipping divests two units for 16.42 mln usd; mulls special div

Singapore Shipping Corp Ltd (SSC) said that it will divest interests in two units for a total of 16.42 mln usd with plans to partly use the proceeds to invest in new vessels. Payment of a special dividend may also be considered, it said. The company said that it will book 5.5 mln sgd in exceptional gains from the divestment. The sale to Wallenius Marine AB and Wallenius Lines AB includes SSC's 50 pct stake in Wallenius Ship Management Pte Ltd and its interests in OW Shipping Co Pte Ltd. SSC currently owns 40 pct of the ordinary shares of OW Shipping and 50 pct of its redeemable preference shares.