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CMA-CGM transfers half of its freeport shares to Turkish group

Date: 08/12/2011

French company CMA-CGM has transferred half of its shares in Malta Freeport to the Yildirim Group of Turkey, the government said. The transfer was  approved by the governemnt and Malta Freeport Corporation.

The government explained that in terms of its contract, CMA-CGM could transfer up to 49% of its shares but needed the government go-ahead to transfer the additional 1%.

The transfer of shares was made necessary by the corporate restructuring being made by CMA-CGM in the wake of the financial crisis, the government said.

In authorising the share transfer, the government laid down that the investment in Malta Freeport must continue until it can handle up to 3 million containers per year. It raised the rent by $10m for the coming five years, and it also demanded the setting up of a fund of €100,000 annually for community initiatives.

The shares were transferred after a due diligence exercise held for the Yildirim Group by the K2 Global Consulting Ltd.

Yildirim was set up in 1963 and enjoys a reputation of having a strong financial situation, the government said. It is involved in shipbuilding and maritime transport, mining and the production of fertiliser.

The government said Malta Freeport is a strategic part of the Maltese economy and it wanted to ensure that its operators had the necessary financial clout and technical competence to ensure that Malta Freeport remained a success.


Source: Times of Malta

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