French shipping line CMA CGM confirmed its more than R4.8 billion investment in CEVA Logistics today, representing 24.99% of the logistics company’s capital.
The investment will take the form of bonds to be converted into common shares upon acquisition of all regulatory approvals and will give CMA CGM two seats on CEVA’s board of directors.
The confirmation of the investment was dependent on the successful completion of CEVA’s planned initial public offering on the SIX Swiss Exchange.
“With this transaction, CMA CGM will expand its presence in the logistics sector, which is closely related to shipping,” said a spokesperson for the line. “The two companies have agreed to explore together the development of joint commercial offerings according to terms to be defined in the coming months.”
