Transport

Bank of Montreal trims stake in Irish Continental Group

Canadian bank reduces shareholding in Irish shipping group to just under 3 per cent

ICG chairman John McGuckian and chief executive Eamonn Rothwell at the group’s Annual General Meeting.
ICG chairman John McGuckian and chief executive Eamonn Rothwell at the group’s Annual General Meeting.
Tue Aug 15 2017 - 14:03

The Bank of Montreal has trimmed its stake in shipping and transport company Irish Continental Group (ICG).

In a note to the stock exchange following the close of business on Monday, ICG confirmed the bank had reduced its shareholding from 3.8 per cent to 2.95 per cent, equating 1.8 million shares.

In recent trading update, ICG said it had agreed to the €45 million sale of a passenger ferry to a New Zealand company, KiwiRail, as revenues for the first four months of the year grew 4 per cent.

The MV Kaitaki, which was built in 1995 and previously operated under names including the Isle of Innisfree and Pride of Cherbourg, has been chartered out by ICG since 2002, most recently to KiwiRail.

READ MORE

ICG chairman John McGuckian also said the company was prepared to meet the challenge posed by Brexit, which is expected to damage trading relations between the Ireland and the UK.