The Latsco Shipping group, owned by Marianna Latsis and her son, Paris Kasidokostas – Latsis, is expanding its shipping portfolio.
The group, which has a strong presence with private companies, in tankers, bulk carriers, LNG carriers and LPG carriers, made an investment in a company listed on the American stock exchange, specifically in EuroHoldings Ltd, in which the majority stake was held by the family of Aristeidis Pittas.
In particular, Nasdaq-listed EuroHoldings Ltd announced that the company’s previous major shareholders and members of the Pittas family sold 51.04% of its common shares to the new investor, for a price of 12.9 dollars per share. The total value of the transaction for the 1,437,697 shares amounted to approximately 18.5 million.
In addition, Latsco agreed to pay certain amounts in cash, payable in quarterly periods, subject to the continued employment of the containerships in accordance with the respective charter contracts for the M/V “Joanna” and M/V “Aegean Express”.
On its part, the Pitta family maintains a stake of approximately 7.6% in the share capital of Euroholdings, thus expressing its confidence in the company’s new course.
“A significant milestone in the course of EuroHoldings”
Aristides Pittas, Chairman, CEO of EuroHoldings, stated: “Our strategy has always been oriented towards finding the best path to enhance shareholder value. We firmly believe that this transaction is a significant milestone in the course of EuroHoldings, as it marks a new beginning with an extremely reliable and successful company from the shipping industry acquiring a stake in the company. Furthermore, members of the Pittas family maintain a stake in the company, which demonstrates our belief that this strategic decision is in the best interests of shareholders.”
