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Bermuda Container Line Ltd. Sale Of Its Non-Active Subsidiary Company.
Hamilton, Bermuda,October 10, 2007-In an announcement made to the Bermuda Stock Exchange (BSX) Bermuda Container Line Ltd. (BCL.BH) has completed the sale od its non-active subsidiary company, Tilbury Road Associates Inc. (TRA). TRA was a US based property owning subsidiary company that was not part of the core business operations of BCL and it was decided to free up the capital resources invested in TRA. It is anticipated that after accounting for all expenses and taxes that the disposal of TRA will generate a profit on the sale in the region of $1,500,00 which will be booked in the fourth quarter of fiscal 2007.
