CMA-CGM transferred half of its shares in Malta Freeport this week to the Yildirim Group of Turkey, following approval by the government and Malta Freeport Corporation, The government explained that in terms of its contract, CMA-CGM could transfer up to 49 per cent of its shares but needed the government’s go-ahead to transfer the additional one per cent, The Malta Independent reports.
The share transfer was necessitated by the corporate restructuring being undertaken by CMA-CGM in the wake of the financial crisis.
Authorising the share transfer, the government stipulated that the investment in Malta Freeport must continue until it can handle up to three million containers per year. The government also raised the rent by US$10m for the coming five years, and demanded the setting up of a €100,000 annual fund for community initiatives.
The shares were transferred after a due diligence exercise was held for the Yildirim Group by K2 Global Consulting Ltd.
Yildirim was set up in 1963 and has a reputation of being in a strong financial position, the government said. It is involved in shipbuilding and maritime transport, mining and the production of fertiliser.
The government said Malta Freeport is a strategic part of the Maltese economy and it wanted to ensure that its operators had the necessary financial clout and technical competence to ensure that Malta Freeport remained a success.
The share transfer was necessitated by the corporate restructuring being undertaken by CMA-CGM in the wake of the financial crisis.
Authorising the share transfer, the government stipulated that the investment in Malta Freeport must continue until it can handle up to three million containers per year. The government also raised the rent by US$10m for the coming five years, and demanded the setting up of a €100,000 annual fund for community initiatives.
The shares were transferred after a due diligence exercise was held for the Yildirim Group by K2 Global Consulting Ltd.
Yildirim was set up in 1963 and has a reputation of being in a strong financial position, the government said. It is involved in shipbuilding and maritime transport, mining and the production of fertiliser.
The government said Malta Freeport is a strategic part of the Maltese economy and it wanted to ensure that its operators had the necessary financial clout and technical competence to ensure that Malta Freeport remained a success.