On 22 December, 1923 Investments plc (formerly known as PTL Holdings plc) announced that on 12 December 2017 it acquired Hili Logistics Limited from its parent company, Hili Ventures Limited for a total consideration of €25.575 million. The consideration was settled in full through the issuance of new shares in 1923 Investments plc in favour of Hili Ventures Limited.
Hili Logistics Limited is the holding company of a number of companies operating in the logistics sector, including air, road, sea and rail freight forwarding, clearances and deliveries, customs brokerage, parcel services, warehousing, ship agency, ship to ship operations and project cargo. Hili Logistics Limited is the majority shareholder of Carmelo Caruana Company Limited, Carmelo Caruana Freeport Operations Limited and Hili Company B.V. (incorporated in the Netherlands) as well as a 50% shareholder of Peterson Malta Limited and 49% shareholder of CMA CGM Malta Agency Ltd. More information on Hili Logistics is available here.
The announcement noted that this acquisition will diversify the business operations of 1923 Investments Limited and is also expected to improve its financial performance. During the eleven months ended 30 November 2017, Hili Logistics Limited generated in excess of €25 million in revenue and around €1.2 million in pre-tax profit. Furthermore, following this acquisition the net assets of 1923 Investments plc as at 31 December 2017 is expected to increase to €33.5 million compared to the previous forecast (as published in the Financial Analysis Summary dated 28 June 2017) of €8.5 million.