Management buys Anglo-Eastern from Konsortium Perkapalan

Asian Technical Services, the holding company of Hong Kong-based Anglo-Eastern Ship Management, has been sold by Malaysian-based Konsortium Perkapalan to a management team led by Peter Cremers.

Anglo-Eastern is involved primarily in providing technical ship management and crewing to third-party shipowners.

It has offices in Singapore, Montreal, Antwerp, Bombay and Manila, which it plans to retain.

Financial details of the deal, which is expected to be completed by August 31, have not been released. Anglo-Eastern said: 'The purchase consideration is arrived at on a willing-buyer-and-willing-seller basis after taking into account the earnings potential of the company.' The new management will assume all outstanding obligations from Konsortium Perkapalan and has pledged to 'retain all staff and crews in full'.

Anglo-Eastern Ship Management manages 56 ships and has 3,000 crew.

'We are indeed very pleased to be owners of a company which we have managed for more than a decade. There are few companies in today's market that are able to say with conviction that every shareholder is also a part of the company's working management team,' said Mr Cremers.