LC Logistics Streamlines Vessel Ownership

LC Logistics, Inc (HK:2490) has released an update.

LC Logistics, Inc. has announced that its subsidiaries, Bal Container and Lehang Boundless, have entered into Novation Agreements with Jiangnan Shipyard and China Shipbuilding. This move will result in Lehang Boundless assuming all rights and obligations from Bal Container in the existing Shipbuilding Agreements, including a transfer payment of $84.3 million. The transaction increases LC Logistics’ stake in the vessels from approximately 99% to a full 100%, and is classified as a discloseable transaction under the Listing Rules.

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