CMA CGM signs of a Memorandum of Agreement with the French Fonds Stratégique d’Investissement (FSI)
CMA CGM, the world’s third largest container shipping Group, and the Fonds Stratégique d’Investissement (FSI), have announced today that they entered into a Memorandum of Agreement supporting CMA CGM’s future development.
The FSI will subscribe to bonds redeemable in shares for an amount of US$150 million giving right to a 6% stake in CMA CGM upon conversion. At the same time, under the terms of the existing agreement, the Yildirim Group will subscribe to bonds redeemable in shares for an amount of US$100 million giving right to a 4% stake in CMA CGM upon conversion.
Jacques R. Saadé, CMA CGM’s Chairman and Chief Executive Officer, said: “We are very pleased to have reached an agreement with the FSI and of the Yildirim Group's renewed support. This agreement is an important milestone for our Group and demonstrates FSI and Yildirim’s level of confidence in its future. It coincides with our Group’s return to profitability in the second quarter and the expectation of an even better operating performance in the third quarter, leading to a profit for the full year.”
Rodolphe Saadé, CMA CGM’s Executive Officer, said: “This agreement will help to strengthen the Group’s balance sheet and allow us to accelerate the implementation of CMA CGM’s strategy to prepare for an IPO in the coming years. I am delighted that the FSI will invest in our Group and support its on-going development.”
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