May 25 - The Executive Board and the Supervisory Board of Hapag-Lloyd have cancelled the company's Annual General Meeting, which was scheduled for June 1, 2016.
The shipping line said that the reason for postponing the event is due to the ongoing talks between Hapag-Lloyd AG (HL) and United Arab Shipping Company SAG (UASC) regarding a potential combination of their container shipping activities that would, in the case of a successful finalisation of such talks, require potential amendments to the agenda.
The German shipping line advised that the AGM would be held in August 2016 at the latest.Meanwhile, UASC announced the successful conclusion of a series of transactions that resulted in the issuance by a US-based trust of USD162 million of Enhanced Maritime Trust Certificates (EMTC) with the proceeds being used to finance the debt portion of two 2012-built 13,500 teu container vessels.
UASC says that the EMTC issuance received strong interest from institutional investors in Europe and the USA, and the transaction is expected to facilitate repeat capital market issuances by UASC that will afford it access to a broader investor base in the Investment Grade markets, a critical component of the shipping line's strategy to diversify its funding sources for its currently scheduled and anticipated long term capital expenditure programme.
