Hapag-Lloyd completes capital increase

The German ocean carrier raised 352 million euros (U.S. 414 million) in gross proceeds through a capital increase, with 96.5 percent of the existing shareholders exercising their subscription rights that were agreed upon on Sept. 28.    German ocean carrier Hapag-Lloyd raised 352 million euros (U.S. $414 million) in gross proceeds through a capital increase, with 96.5 percent of the existing shareholders exercising their subscription rights that were agreed upon on Sept. 28, the carrier said today.
   The move was agreed upon as part of the merger with United Arab Shipping Co. (UASC), which was officially finalized in May.
   A total of 11.7 million new no-par value shares had been placed at a subscription price of 30 euros each. Consequently, the company’s share capital will be increased to 175.8 million euros.
   The registration of the capital increase is expected to take place today.
   Hapag-Lloyd will use the proceeds primarily for the repayment of debts and 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 carrier said. “The main shareholders have committed to purchase any new shares that have not been subscribed for in the subscription offer at the subscription price.”