Hapag-Lloyd Raising New Funds after Merger with UASC

first_imgGerman carrier Hapag-Lloyd will carry out a capital increase, agreed upon as part of its merger with United Arab Shipping Company (UASC), with the gross proceeds expected to reach EUR 352 million (USD 414 million).The company said that the expected gross issue proceeds from the capital increase would primarily be used for the repayment of debt as well as general corporate purposes.“Following the successful merger with UASC, we will use the capital increase to strengthen our capital structure and to use the proceeds to reduce the leverage of the company. This enables us to focus on enhancing our strategic and operating objectives,” Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said.Following the the official merger of the two companies in May 2017, the shareholders approved new authorised share capital for a capital increase.The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia for a total of EUR 352 million.They have committed to exercise their subscription rights and to acquire new shares that are not acquired by other shareholders.The company’s share capital of EUR 164,042,940.00 will increase by EUR 11,717,353.00 to EUR 175,760,293.00 by issuing 11,717,353 new no-par shares in exchange for cash while maintaining the shareholders’ subscription rights. The new shares became eligible for dividends on January 1, 2017 and shall be offered to all shareholders at a subscription price of EUR 30.00 and a ratio of 14:1 per share.The subscription period for the shareholders is expected to start on 2 October 2017 and end on 16 October 2017.Separately, Hapag-Lloyd will finalize its comprehensive newbuild programme by taking delivery of the 15,000 TEU containership Al Jmeliyah at the shipyard of Hyundai Samho Heavy Industries (HSHI) in South Korea on September 28.Classed as an ultra-large container vessel (ULCV), the boxship giant is scheduled to start operating this weekend on the FE4 service of THE Alliance between Asia and Northern Europe, just like its predecessor, the Afif, which was delivered in July.The 368-metre-long Al Jmeliyah, which features 153,148 tonnes, is the last in a series of 17 newbuilds contracted to HSHI by UASC in the summer of 2013. The series comprised eleven 15,000 TEU and six 19,900 TEU ships, the first of which was delivered in 2015.Following the merger with Hapag-Lloyd at the end of May this year, these units became a part of the Hapag-Lloyd fleet, which currently consists of 219 ships, making Hapag-Lloyd the fifth-largest liner shipping company in the world.Image Courtesy: Hapag-Lloydlast_img read more

October sees GamCare Helpline become a 24hr service

first_img Share UKGC launches fourth National Lottery licence competition August 28, 2020 Submit Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 Related Articles StumbleUpon GambleAware: Engage those with lived experience of gambling harms August 28, 2020 Share UK problem gambling support and treatment charity GamCare has reminded its betting industry and national health stakeholders that from 1 October 2019, the ‘National Gambling Helpline’ will be run as a 24-hour service.The National Gambling Helpline (0808 8020 133) updates its operating schedule of 8am-to-midnight, transforming into a ‘UK Helplines’ accredited 24-hour support structure open every day of the year.GamCare is able to extend its support functions thanks to funding provided by GambleAware, allowing the charity to operate its helpline as a ‘two-year pilot scheme’ with the aim of offering instant round-the-clock support for anyone impacted by problem gambling across the UK.The UK charity reminds stakeholders that its team of advisers are trained to further help the family and friends of problem gambling victims, providing advice and on treatment and support options available across local communities, online or over the phone.Anna Hemmings, CEO at GamCare, said: “It is important that treatment and support services reflect the availability of gambling. As such, we are delighted to be able to extend the hours of operation of the National Gambling Helpline to further support those affected by gambling related harm.“With the 24-hour nature of gambling, people sometimes feel at their most isolated overnight, when other support services are closed. They will now be able to reach our highly trained advisers 24 hours a day, who can offer immediate support, advice and referral to our network of treatment services nationally.”Helen Garratt, Director of Clinical Services, added: “GamCare provides a wide range of services to people in need, and we are very pleased that the helpline hours can now extend this support throughout the night. People can be trying hard to change their gambling, but the sheer availability of gambling options makes it a struggle. We hope that the new availability of the National Gambling Helpline will be able to match this round-the-clock activity and offer even more support.”Marc Etches, CEO of GambleAware, commented: “GambleAware is responsible for commissioning the National Gambling Helpline, which is a core element of an emerging National Gambling Treatment Service. Our priority is to keep people safe and to ensure support services are easily accessible. As such, we are pleased to be funding an extension to the helpline’s operating hours, and we will evaluate its performance over time.”Tim Miller, Executive Director at the Gambling Commission, said: “The pilot to extend the hours of the National Gambling Helpline is a very welcome step. GamCare’s specialist advisers are now there if people need support at any hour of the day. This change arose out of the input of people with lived experience into research and demonstrates why that continued input is vital.”last_img read more