"The arrival of a new investor will additional resources to support and step up growth and represents a major milestone in our history," said CMA CGM chairman Jacques Saade.
Mr Saade also said Yildirim Group will get three seats on the 10-member board with his Saade family still retaining a majority interest and 80 per cent of the company.
The agreement enables CMA CGM to strengthen its equity base and secure the financing of its investment plan.
The Yildirim Group is an international family-run holding company established in 1963 in Samsun, Turkey. Yildirim is in chrome ore mining and trading, ferrochrome production, coal, fertiliser, shipping, shipbuilding and port management.
Said Yildirim president and CEO Robert Yuksel Yildirim: "Our decision to invest in CMA CGM attests to the quality of this world leader created 32 years ago, as well as to the capabilities of its management and teams. Its shipping expertise, worldwide presence and efficient fleet have enabled it to emerge from the crisis in even better shape. We are confident in CMA CGM's potential and intend to make a privileged contribution to its growth."
The agreement comes in a favourable environment, said a CMA CGM statement. "For the first nine months of 2010, revenue totalled $10.5 billion, up 38 per cent over the prior-year period, while freight volumes rose nearly 18 per cent year-on-year to 6.8 million TEU. The group achieved an operating margin (EBITDA) for the period of 18.5 per cent, one of the best performances of its sector," the statement said.
CMA CGM has taken delivery of 12 new ships since the beginning of 2010, bringing the number of owned ships to 92. New ships have also been chartered, bringing the total fleet to 400. In 2011, the group expects to receive nine new owned vessels, including six of more than 10,000 TEU.
Source : HKSG, 27.11.10.
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