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.

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Mr Caruana will coordinate the formulation of the group’s renewed strategy and outline the technical vision for Harvest and its subsidiaries in light of emerging technologies and best practice, according to the press statement.

In his new role, he has also been tasked with ensuring Harvest and its subsidiaries remain at the forefront of technology and innovation. As Harvest pursues growth, Mr Caruana will examine the potential of Harvest’s acquisition pipeline and conduct technical due diligence of any prospective acquisition.

“I have had the pleasure of working with Godwin for a few years and I have always enjoyed his dry wit and team-building spirit,” Professor Juanito Camilleri, Harvest Chairman, said. “His profound insight and troubleshooting skills on technical matters related to a broad spectrum of ICT disciplines is an invaluable asset to our group. I am delighted he has assumed the role of CEO of Harvest,” he added.

Mr Caruana is a University of Liverpool and the University of Brunel graduate, where he graduated Master of Science in Information Technology, and PhD with a research focus on High-Performance Computing, Algorithms and Machine Learning, respectively.

As a visiting senior lecturer at the University of Malta, Mr Caruana has also been publishing research. In 2018, he spearheaded the establishment of the Harvest Technology Academy in partnership with the University of Malta and the Faculty of Economics, Management and Accountancy in a bid to bridge the gap between the professional and academic spheres.

Earlier in his career, Dr Caruana served as Chief Technology Officer at the Malta Information Technology Agency (MITA) during which time he contributed to numerous high-profile projects.

Harvest delivers tech solutions to customers in banking, aviation, pharmaceuticals, gaming, retail, hospitality and state agencies. Harvest encompasses PTL, APCO Systems, and APCO Ltd. Harvest is part of 1923 Investments plc which has commercial activities in Malta, Poland and Hungary. 1923 Investments plc is the investments arm of Hili Ventures.

The post 1923 Investments’ Harvest names new CEO first appeared on The Malta Business Weekly.

The unsecured bonds, at a nominal value of €100 per bond issued at par, bear an annual interest rate of 3.8%.

Funds will be predominantly directed to the acquisition of Kemmuna Ltd, the owner and operator of the Comino Hotel & Bungalows, Hili Ventures says in the press statement sent to BM.

Another €10m, however, will be advanced to Cobalt Leasing Ltd to finance the acquisition of new containers to be leased to shipping lines on a long-term basis. The remaining balance will be used to fund group-wide investment opportunities, Hili Ventures adds.

Interest on the bonds commences on August 27 and refunds of unallocated monies will be made by 3 September, according to the press release. Hili Ventures expects to admit bonds to the Malta Stock Exchange on 4 September. Trading is expected to commence on 5 September.

Application forms become available as of 30 July from authorised financial intermediaries, while subscriptions will close on 20 August, or earlier if the bond issue is over-subscribed. Hili Finance will announce the basis of acceptance of applications and the allocation policy to be adopted by not later than 27 August 2019, the press release says.

Kemmuna Ltd purchase for €59m

Hili Finance is planning to spend €59m on acquiring of 100% shareholding in Kemmuna Ltd, a company that owns the Comino Hotel and Bungalows, as set in the purchase agreement the parties signed on 24 May 2019, according to the summary note of the bond issue.

The note underscores that the final execution of the deed of purchase depends on a “number of conditions precedent”. Hili Ventures is currently conducting its due diligence exercise related to the purchase.

The summary note adds that should Hili Ventures decide not to proceed with the purchase “for any reason as contemplated in the share purchase agreement”, the sum of €59m will be used to repay a “number of bank loans of Hili Ventures”.

Further information of the bond issue, including the summary note and other related documentation, is available at the official webpage of Hili Finance.

EDITORIAL NOTE: The present story has been updated with additional information on the planned purchase of Kemmuna Ltd. The additional content appears under the “Kemmuna Ltd purchase for €59m” and the lead has been duly updated.

The post Hili Finance launches €80m bond issue, eyes buying Kemmuna Ltd first appeared on The Malta Business Weekly.