Ocean Wilsons Holdings Limited (LSE:OCN), the London-listed investment holding company, has agreed to sell its 56.47% stake in Brazilian shipping firm Wilson Sons to SAS Shipping Agencies Services for just under $765 million.
SAS is part of MSC Mediterranean Shipping Company, a Swiss shipping group actively growing its presence in Brazil.
Ocean Wilsons, which had been reviewing its investment in Wilson Sons since June, believes this is an ideal time to sell.
Chair Caroline Foulger described the move as a strategic decision to capitalize on its stake.
The company plans to return part of the proceeds to shareholders through special dividends, while the remaining funds may be re-invested into Ocean Wilsons' diversified portfolio business, Ocean Wilsons (Investments) Limited.