MOL said Thursday that a deal to sell a 49-percent stake
in its TraPac terminals in Oakland and Los Angeles to Brookfield Asset Management is the first step in an alliance that “will consolidate the foundation for the future growth of MOL’s container terminal business.”
The Japanese shipping company said the alliance will “organically connect TraPac’s expertise in top-level terminal operation with Toronto-based Brookfield’s knowledge of the infrastructure business in North/South America, Australia and Europe. MOL will take full advantage of this strategic alliance to expand its terminal operation business at key ports worldwide, which will, in turn, ensure higher quality, more reliable containership service.”
MOL also said it is projecting gains on sales of 21 billion yen ($201 million) through the transfer of a 49-percent interest in the TraPac terminal subsidiary that operates the California terminals as extraordinary profits in the financial results of its fiscal year 2013, which will end on March 31.
The company is transferring the stake in the TraPac subsidiary to a fund operated by Brookfield Asset Management of Toronto. In a document presented to the Port of Los Angeles last month, MOL also indicated Brookfield has an option for a 49-percent interest in TraPac’s Jacksonville, Fla., terminal through 2017.
MOL added that it is "conducting a detailed study for the FY2013 full-year outlook and will announce it along with the announcement of financial results for the third quarter, which is slated for Jan. 31."