CMB delists as Saverys completes share buyback plan

CMB delists as Saverys completes share buyback plan

Compagnie Maritime Belge (CMB), the Belgian bulker firm controlled by the Saverys family, was formally delisted from the Euronext Brussels exchange yesterday. Saverco, the family vehicle designed to take the shipping line private, completed its squeeze-out of the voluntary public takeover bid on Monday, allowing the delisting to take place.

“Through the privatisation of the company, CMB will be able to compete in a more efficient way with competitors from Asia and the United States by focusing on the consolidation and specialisation of the shipping segments in which the company is active. The delisting will also give CMB more flexibility in accessing alternative financing instruments,” chairman Marc Saverys said in early September.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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