In accordance with the agreements signed on 25 November 2010 between CMA CGM Group and the Yildirim Group, CMA CGM announced today that it has issued $500 million in Redeemable bonds, all of which were subscribed by the Yildirim Group.
This investment enables the Group to sustainably strengthen its balance sheet and secure its investment plan, while providing additional funds to support expansion.
Following the issuance, CMA CGM Group shareholders met in General Meeting and approved the new governance organisation, electing as Directors Jacques R. Saadé, Rodolphe Saadé, Tanya Saadé-Zeenny, Farid T. Salem, Tristan Vieljeux, Denis Ranque and Christian Garin, as well as Robert Yüksel Yildirim, Evren Öztürk and Ercüment Erdem.
At its meeting yesterday, the Board unanimously appointed Jacques R. Saadé as the Group’s Chairman and Chief Executive Officer. He will be backed by three Executive Officers, Rodolphe Saadé, Farid T. Salem and Philippe Soulié.
With strengthened financial resources and an experienced executive team, CMA CGM Group has begun 2011 on a solid foundation, with the objective of consolidating its worldwide positions.
Source: Press Release
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