CMA CGM to dispose of its 49% share in Malta Freeport

CMA CGM has revealed that it will dispose of its 49% stake in Malta Freeport Terminal in order to strengthen its balance sheet. The company has not disclosed the identity of the buyer but the disposal must be completed by the end of June this year, failing which CMA CGM will be subject to margin increases on part of its debt.


The move is part of CMA CGM’s financial restructuring that was finalised with the group’s creditors in January this year. The Malta terminal is the largest of the portfolio of 27 container terminals in which CMA CGM holds interests and is one of the carrier’s key strategic terminals, which the company deems to be the key to the efficiency of its operations.”


CMA CGM acquired a 30-year concession to manage the Malta Freeport terminal in 2004, through its wholly-owned terminal operating company, Terminal Link. The concession term was extended from 30 to 65 years in 2008.


CMA CGM’s five primary global hubs comprise Malta, Port Kelang (Malaysia), Kingston (Jamaica), Tangiers (Morocco) and Khorfakkan (UAE).


In other company news, Jacques Saade has named his son Rodolphe Saade as his successor to the position of chairman and general manager/CEO of CMA CGM. However, no date has been set for the succession, “as Jacques Saade has no intention of retiring in the near future.”


Jacques Saade has been leading the company since CMA’s inception in 1978 and had briefly stepped down from the GM/CEO role last year. Meanwhile, Philippe Soulié, who acted as the GM/CEO of CMA CGM from 18 January 2010 until 27 Jan 2011, left the company in March this year.
(Source:http://www.container-mag.com)