CMB OKs demerger of industrial gas shipping, offshore activities

CMB OKs demerger of industrial gas shipping, offshore activities    The board of directors of CMB, the Belgian bulk-shipping group, has approved a proposal to demerge its Exmar industrial gas shipping and offshore activities, and place them on the stock exchange as an independent public company.
   The proposal is subject to the approval of shareholders at an extraordinary general meeting scheduled for June 20. CMB said it has obtained confirmation of the “tax neutrality” of the proposed demerger.
   CMB’s gas activities would be demerged into a new Belgian company, Exmar. CMB would retain control of its dry bulk shipping and crude oil activities, Bocimar and Euronav respectively.
   As a result of the demerger, all CMB shareholders would receive new shares in Exmar.
   Pending the approval of the extraordinary general meeting, CMB has applied to Euronext Brussels for a separate listing of the shares of Exmar.