Last Updated on Monday, 3 February, 2020 at 2:46 pm by Christian Keszthelyi
1923 Investments plc inked a share purchase agreement with Teekay Tankers Ltd to acquire a portion of its oil and gas ship-to-ship transfer support services business, according to a press statement sent to Business Malta. This activity also provides LNG terminal management and LNG consulting services.
1923 Investments, a company of Malta-based Hili Ventures, expects to finalise the acquisition by early Q2 2020. The business will trade under a new name which will be announced after the completion of the deal.
“This acquisition is in keeping with our strategy to grow in areas in which we are already active and to broaden our horizons,” 1923 Investments Chief Executive Officer Melo Hili said.
“Our anchor company Carmelo Caruana has been running a ship-to-ship operation in the Mediterranean for many years. This additional business presents an important opportunity for us to venture further into this field and significantly bolster our revenues and profitability,” he added.
1923 Investments’ commercial activities are located in Malta, Poland and Hungary. 1923 Investments is the investment arm of Hili Ventures.
Hili Ventures is engaged in partnerships with McDonald’s and Apple, logistics, marine and engineering, technology, property, hospitality and leasing in ten countries across the Mediterranean and the Middle East to Central and Eastern Europe. It has a staff of more than 9,400.
Hili Ventures partners include Cisco, CMA CGM, Diebold Nixdorf, Gemalto, GLS, Hoffmann, IBM, Konecranes, Lenovo, Microsoft, NCR, Tranter, Terberg, as well as other global brands.