ELECTRA Investment Trust Plc. announced that it has exchanged contracts for the sale of Inchcape Shipping Services ("ISS") for U$D 285m to Istithmar, a major investment house based in the United Arab Emirates focusing on private equity, real estate and other alternative investments.

As a consequence of the sale, Electra will receive cash payment of U$D 178.38m upon completion of formalities, which is expected by the end of January 2006.

Inchcape Shipping Services ISS is the world's largest independent marine management services provider and offers shipping-related services like refuelling at ports, being the largest independently managed network of ship agents in the world.

Electra had acquired the company from Inchcape in 1999 for GBP 40.8 million and invested an additional GBP10.1 million two years later as part of a restructuring plan.

Istithmar is a Dubai government-owned investment house.