German shipping line, Hapag-Lloyd has successfully completed the capital increase with subscription rights agreed upon on 28 September 2017. By partially utilizing the authorized capital, the gross issue proceeds amount to approximately EUR 352 million (approx. USD 414 million). 96.5 percent of the existing shareholders exercised their subscription rights.
A total of 11,717,353 new no-par value shares were placed at a subscription price of EUR 30.00 each. As a result the Company’s share capital will be increased to EUR 175,760,293.00.
The new shares will carry full dividend rights as of 1 January 2017. The registration of the capital increase with the commercial register of the local court (Amtsgericht) of Hamburg is expected to take place on 17 October 2017, the new shares are expected to be included in the existing quotation on the Frankfurt and Hamburg Stock Exchanges on 20 October 2017. Hapag-Lloyd AG will use the proceeds primarily for the repayment of debts as well as for general corporate purposes.
The capital increase was backstopped in full by Hapag-Lloyd’s main shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia. The main shareholders have committed to purchase any new shares that have not been subscribed for in the subscription offer at the subscription price.
“We are pleased about the high level of demand for our shares.” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG, following the successful completion of the capital increase. “We would like to thank all our shareholders for their confidence. We see this as an encouragement to continue to rigorously pursue our strategic and operative objectives.”
Gross proceeds of approximately EUR 352 million (approx. USD 414 million) from the issuance of 11.7 million new no-par value shares / 96.5 percent of the existing shareholders exercised their subscription rights / Shareholder structure strengthened.