Wilh Wilhelmsen Holding to gain a percentage when Qube is restructured
April 12, 2011
Qube Logistics will gain all shares Wilh Wilhelmsen Holding (WWH) has in Qube’s automotive, bulk and general stevedoring division for a stake in Qube’s planned holding company.
The deal announced today will see Qube increase its share of P&O Automotive & General Stevedoring (POAGS) 22.5 percent to 76.7 precent.
The transaction will lift Qube’s shareholding in Queensland operation Northern Stevedoring Services from 11.3 percent to 49.6 percent, Australian Amalgamated Terminals from 5.5 percent to 44.1 percent and PrixCar from 5.6 percent to 25 percent.
WWH will gain 66 million of a proposed 88 million in new shares, restricted from trading for three years, in the Qube holding firm and a director on its board when Qube is corporatised and its management internalised.
WWH’s owner, Norwegian maritime multinational Wilh Wilhelmsen Group, has a defence logistics joint venture with Qube called W Qube which is unaffected by the deal.
“We believe that there is significant growth potential for Qube’s Automotive, Bulk and General Stevedoring division and Qube’s increased ownership and control of the businesses in this division will assist in realising the potential,” the Managing Director of Qube’s management firm, Kaplan Funds Management, Sam Kaplan says.
“We are pleased to have reached agreement with WWH through a structure that will ensure the continued alignment of interests between Qube and WWH.”