Qube Holdings Limited
(ASX:QUB) has announced a new joint venture called Quattro Grain, inked deals for baulk haulage acquisitions and a revealed a capital raising.
The logistics group has formed a JV with a subsidiary of Noble Group to develop and operate a major new multi-user grain handing facility at Port Kembla in New South Wales.
Qube and Hong-Kong based Noble have also given call options to grain traders the Cargill Group and the Emerald Group which if exercised will enable each to acquire an interest in Quattro Grain.
The company has also tied-up two acquisitions for about $40 million to expand and diversify its bulk haulage capabilities which will be funded from existing debt facilities.
Separately Qube will undertake a fully underwritten placement of new shares to raise up to $200 million while a share purchase plan is hoped to raise up to $30 million.
The funds will be put to the Quattro Grain JV, reducing debt and funding potential capital expansion initiatives.
Qube Holdings reported a net profit of $43.4 million in the first half of the 2014 financial year.
