Euroholdings, a Nasdaq-listed spinoff and subsidiary of Greek containership owner Euroseas, has initiated a search for strategic options for its business.
The company, incorporated in March this year, said that its board, led by chairman Aristides Pittas, has launched a “comprehensive review of strategic alternatives to maximize shareholder value”.
Multiple options on the table include a potential sale of the company, a corporate acquisition, a merger or other business combination with another party, or a partnership.
Euroholdings launched with three older Euroseas boxships, of which one had already been sold at a profit. According to chairman and chief executive Pittas, the company has a cash balance of about $13m, no debt and two vessels, the 1997-built 1,439 teu Aegean Express and the 1999-built 1,732 teu Joanna, “employed under lucrative charters” through most of their remaining useful life.
Seaborne Capital Advisors has been hired as the financial advisor during the evaluation process. Euroholdings noted that there is no deadline for the conclusion of the review, and that no decisions have been made related to any further actions or potential strategic alternatives at this time.
