15 December 2017

OT Logistics will acquire additional 2.7% shares of Luka Rijeka as a result of its tender offer for shares just completed

As a result of a tender offer announced for Luka Rijeka’s shares, the OT Logistics company will acquire additional 2.7% shares of the operator of the Croatian seaport in Rijeka. The total value of acquired shares amounts to about HRK 18.2 M, that is PLN 10.2 M. Once the tender offer is settled, OT Logistics' holding in Luka Rijeka will increase to 35.26%. The settlement shall take place within 14 days from completion of the tender offer (that is 8 December 2017).

Until the settlement of the tender offer OT Logistics’ holding in Luka Rijeka has been 32.56%. According to an agreement with other shareholders of the Croatian company – pension funds Allianz ZB d.o.o. and ERSTE d.o.o. – OT Logistics may exercise operational control over the port. Parties to the agreement have held 56.61% of the port operator’s shares so far. Thanks to the settlement of the tender offer the shareholders, under the agreement, will now hold 59.31% of Luka Rijeka’s share capital.

The Luka Rijeka Port counts among the largest ports in the Adriatic Sea. It has a few terminals: universal, general cargo and bulk. The bulk terminal, named Baccar, has a natural depth allowing it to handle the biggest ocean-going ships carrying for instance iron ore (so-called Valemax). In the first three quarters of this year 1.9 million tons of cargo was transshipped at Luka Rijeka (up 27% year-on-year). The company’s revenue in the first three quarters of 2017 amounted to HRK 126.6 M (ca. PLN 71 M), which means an increase in HRK by 11% year-on-year. The port operator’s EBITDA during this period was HRK 8.2 M (ca. PLN 4.6 M).

Luka Rijeka is an important component in the construction of the North-South transport corridor connecting Baltic and Adriatic, which counts among strategic goals of OT Logistics Capital Group. Rijeka may also become an important point connecting southern Europe with ports in North Africa, Middle East and Asia. OT Logistics intends to utilize its own experience and relations with customers to increase transshipment volume in the Port of Rijeka.

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