Hapag-Lloyd and UASC backing up the merger
At Hapag-Lloyd's recent annual general meeting, 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 months after the merger with the Arabian liner shipping company UASC, which was completed on 24 May.
At the AGM, the supervisory board was expanded from twelve to 16 members. The new members, appointed by shareholders, include Sheikh Ali bin Jassim Al-Thani, an advisor to the CEO of the Qatar Investment Authority (QIA), and Nabeel M. Al-Amudi, president of the Saudi Ports Authority.
Rolf Habben Jansen, Hapag-Lloyd’s CEO, compared the latest merger to that with CP Ships in 2005, and CSAV in 2014. He said he considers “Hapag-Lloyd to be an active driver of the sector’s consolidation." (kd)