( Marseilles – 28 January 2011) – 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 today, 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.
About CMA CGM
CMA CGM is the world’s third largest container shipping company. Operating a fleet of 393 vessels, of which 99 owned, the Group serves more than 400 ports around the world. In 2010, it carried 9 millions TEU (twenty-foot equivalent units). With a presence on every continent and in 150 countries through its network of 650 agencies and branch offices, the Group employs 17,200 people worldwide.
About YILDIRIM Group
YILDIRIM Group is the world’s largest lumpy chrome ore producer and also the world’s second largest producer of High Carbon Ferrochrome. YILDIRIM Group currently owns 14 vessels (bulk carriers and chemical tankers) and 12 more vessels are ordered and under construction. The Group operates two ports in Turkey and develops Turkey ’s the most advanced container terminal with all state-of-the-art technologies. In addition, the Group has several overseas investments and offices; the Group employs nearly 5,000 people worldwide.