1923 Investments to acquire a stake in Teekay Tankers's oil and gas ship-to-ship transfer business for $26m.

1923 Investments, a company of Hili Ventures, the Malta-headquartered multi-disciplinary group, agreed to acquire a stake in the oil and gas ship-to-ship transfer support services business of Teekay Tankers, a shipowner, for $26m. “This acquisition is in keeping with our strategy to grow in areas in which we are already active and to broaden our horizons. Our anchor company Carmelo Caruana has been running a ship-to-ship operation in the Mediterranean for many years. This additional business presents an important opportunity for us to venture further into this field and significantly bolster our revenues and profitability,” Melo Hili, 1923 Investments Chief Executive Officer.