“The Qube ownership strengthens our logistics engagement in Australia, being an important market for the WWH group. With Qube continuing to deliver good results and expanding activities, we are pleased to see the restructuring now being completed,” says Nils P Dyvik, group CFO at WWH.
The share transaction was conducted on 1 September, following completion of all pre-conditions. The value of the new shareholding in Qube is initially USD 131 million, resulting in an accounting gain of USD 66 million to be reported in the third quarter of 2011. 75% of the shares in Qube are subject to a three year trading restriction.
“The shares will be held through Wilh. Wilhelmsen Holding Invest AS, the newly established vehicle for investment in activities outside the scope of Wilh. Wilhelmsen ASA and Wilhelmsen Maritime Services,” says Dyvik.
WWH has nominated Peter Dexter as non-executive director of Qube.
Mr. Dexter has over 40 years experience in the maritime and logistics industries in Australia and internationally, including 28 years working for the Wilhelmsen group. Among his present board positions he continues to serve as chair/director of several Wilhelmsen group companies operating in Australia.
“We are pleased that Mr. Dexter has accepted this new directorship in Qube, and I am comfortable that his extensive experience within the maritime and logistics industry will be valuable related to the further development of the Qube group” says Thomas Wilhelmsen, group CEO at WWH .
The Qube group operates in three divisions covering automotive, bulk and general stevedoring, landside logistics and strategic development assets through brands that are well recognised and respected in the markets in which they operate. These businesses provide a broad range of logistics services throughout Australia, focused on the movement of imported and exported products. The Qube group is listed on the Australian Stock Exchange with a market capitalisation of approximately AUD 1.1 billion (USD 1.2 billion). With 88 million shares representing approximately 11% of total shareholding, WWH will be the second largest shareholder in Qube.
For further information, contact
Thomas Wilhelmsen, group CEO tel: +47 67 58 40 00 (office)
Nils P Dyvik, group CFO tel: +47 67 58 45 65 (office), +47 911 16 079 (mob)
Åge S Holm, IRO tel: +47 67 58 41 95 (office), +47 900 87 670 (mob)
Benedicte Gude, GVP corporate communication tel: +47 67 58 41 77 (office), +47 959 07 951 (mob)..