Wilh Wilhelmsen ASA has revealed plans to spin-off a company controlling its stake in Hyundai Glovis with a separate listing on the Oslo Stock Exchange.
Christened Treasure, a familiar name for the Norwegian owner, the new vehicle’s chief asset will be the group’s 12% stake in Glovis worth around $765m.
Thomas Wilhelmsen, chief executive of parent Wilh Wilhelmsen Holding, said in a statement the move would create a simpler structure and visualise value.
