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ATHENS - Marla Investments Inc., affiliated with the Latsis family, has acquired a 51.04% stake in EuroHoldings Ltd (NASDAQ:EHLD) from shareholders associated with the Pittas family, according to a press release statement issued Monday. The company, currently valued at $18.6 million in market capitalization, has maintained a "GOOD" financial health score according to InvestingPro analysis.
The transaction was completed at approximately $12.90 per share in cash for 1,437,697 shares, significantly above the current trading price of $7.77. Members of the Pittas family retained about 7.6% ownership in the company following the sale. InvestingPro analysis suggests the stock is currently undervalued, with several additional valuation metrics available to subscribers.
As part of the agreement, the Purchaser will make additional quarterly payments to the Sellers, contingent on the continued employment of the company’s containerships M/V Joanna and M/V Aegean Express beyond their minimum charter contract periods.
Following the transaction, Aristides P. Pittas and Dr. Anastasios Aslidis resigned from the Board of Directors, with George Margaronis and Christos Triantafillidis appointed to fill these vacancies.
EuroHoldings’ Board unanimously approved several facilitating measures for the transaction, including amending the company’s Shareholders’ Rights Plan to allow the Purchaser to own more than 15% of outstanding shares and entering into a registration rights agreement.
The company’s existing management team will remain in place, with Eurobulk Ltd, Eurochart S.A. and their affiliates continuing to provide executive, commercial and technical management services.
EuroHoldings Ltd, incorporated in March 2024 under Marshall Islands law, operates a fleet of two feeder containership vessels with a cargo capacity of 40,882 dwt or 3,171 teu. The company, which generated revenues of $15.64 million in the last twelve months with a healthy gross profit margin of 36.2%, was formed when Euroseas Ltd (NASDAQ:ESEA) distributed shares to its shareholders on March 17, 2025. For deeper insights into the company’s financial performance and additional metrics, visit InvestingPro.
Seaborne Capital Advisors served as financial advisor to the company in the transaction.
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