Wilh. Wilhelmsen Holding (WWH) has sold 12 million shares in Qube Logistics Holding Limited (Qube), realizing a cash proceed of $20 million, the WWH press release said.
“Qube is a strategic investment for us, and we have enjoyed a good return on our holding in the company,” says group CFO Nils P Dyvik. “Although we sell part of the stocks now, we still see this as an important investment for our Australian footprint. We continue to be the second largest shareholder in the company.”
The WWH cooperation with Qube started in 2007, when the Wilhelmsen group took an ownership stake in three joint-ventures being part of the then called Kaplan consortium, K-POAGS, K-NSS and K-AAT, with KW Auto included later. Following a share transaction effective 1 September 2011, WWH received 88 million shares in Qube, of which 66 million were subject to a three year trading restriction. Following the sale, WWH will continue to own 76 million shares in Qube.
On 7 March 2012, Qube announced an agreement with Westgate Ports Pty Ltd and Westgate Port Services Pty Ltd (Westgate) to acquire the assets and take on assignment of leases Westgate holds at Victoria Dock in Melbourne, Australia, for a total consideration of AUD 47 million. Qube expects to spend around AUD 15 million to further develop the area, after which there will be significant capacity to further grow the Melbourne port logistics operation.
On 24 February 2012, Qube released its results for the half year to 31 December 2011. The results showed a year-over-year increase in revenue of 37% and increase in EBITDA of 78%, both on a pro-forma basis. The same day, Qube also announced an AUD119 million strategic acquisition of Giacci Holdings Pty Limited. The Giacci group of companies is a well run, high quality business that operates nationally in Australia, with significant operations in Western Australia.
The Wilh. Wilhelmsen group is a global maritime industry group focusing on shipping and integrated logistics services for cars and rolling cargo through its shareholding in Wilh. Wilhelmsen ASA.
The group also occupies a leading position in the global maritime service industry through Wilhelmsen Maritime Servies AS, delivering products and services to some 200 shipyards and 22 000 vessels annually.