Hapag-Lloyd shareholders approved all items on the agenda at today's Annual General Meeting. In particular, the shareholders approved the creation of new authorised share capital. This is to be used for a planned capital increase of USD 400 million, which is scheduled to take place within six month after the closing of the merger with the Arabian liner shipping company UASC. The closing took place on May 24. Some of the anchor shareholders have committed to backstop the cash capital increase in the amount of USD 400 million. With the approval of the shareholders, all key preconditions have been met for the capital increase, which aims to strengthen the financial position of the company. With the merger of Hapag-Lloyd and the liner shipping company UASC the Supervisory Board was expanded from 12 to 16 members. The shareholders newly appointed Sheikh Ali bin Jassim Al-Thani and Dr. Nabeel M. Al-Amudi to the Supervisory Board of Hapag-Lloyd AG. Sheikh Ali bin Jassim Al-Thani is an advisor to the CEO of the Qatar Investment Authority (QIA). Dr. Nabeel M. Al-Amudi is President of the Saudi Ports Authority.
Hapag-Lloyd has been and continues to be an active driver of the sector's consolidation. Hapag-Lloyd merged with CP Ships in 2005, and it merged with the container-line business of CSAV in 2014. The merger with the United Arab Shipping Company will now be another milestone for us and a decisive strategic lever for being profitable over the long term, said Rolf Habben Jansen, CEO of Hapag-Lloyd AG, in his speech. For the 2017 business year, the integration of UASC into Hapag-Lloyd will be the focus of our activities. The merger doesn't only make us bigger, stronger, more flexible and more international; most importantly, it also makes us more competitive. Hapag-Lloyd has long-term and extensive know-how when it comes to acquisitions. In the past, we have demonstrated that we are able to combine businesses and implement their subsequent integration quickly, efficiently and profitably.
The shareholder also approved the Supervisory Board's proposal to extend ahead of schedule the terms of office of the current Supervisory Board members Oscar Eduardo HasbA�n Martinez and Jose Francisco Perez Mackenna so that they can be aligned with the terms of the new members.
Source: Hellenic Shipping News Worldwide