CMB.TECH Completes Merger With Golden Ocean
In a landmark development, CMB.TECH NV (NYSE: CMBT) has officially completed its merger with Golden Ocean Group Limited. This stock-for-stock merger has set the stage for one of the largest diversified listed maritime groups globally, with CMB.TECH Bermuda Ltd. becoming the surviving entity.
Shareholder Approval Paves the Way
At a recent special general meeting, shareholders of Golden Ocean overwhelmingly approved the merger, with an impressive 92.72% voting in favor. This strong support highlights the confidence investors have in the strategic direction of this merger.
Enhancing Capital Structure
As part of the merger, CMB.TECH announced the issuance of approximately 95.95 million new ordinary shares, which will be distributed to former Golden Ocean shareholders at an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean.
Trading on Multiple Exchanges
Following the merger, CMB.TECH's newly issued shares will begin trading today on Euronext Brussels and the NYSE. This strategic move is complemented by the approval for a secondary listing on Euronext Oslo, enhancing the company's visibility in global capital markets.
Impressive Fleet Composition
The merger has led to a combined fleet of about 250 vessels, showcasing a diverse range of maritime capabilities. This includes dry bulk vessels, crude oil tankers, chemical tankers, container ships, and specialized offshore wind vessels.
Future-Ready Fleet and Sustainable Practices
CMB.TECH's fleet is equipped with over 80 hydrogen- and ammonia-ready vessels, positioned to meet the needs of a transitioning energy landscape. With a fair market value of approximately $11.1 billion, the company is well-placed for sustainable growth.
Strong Financial Fundamentals
The merger has significantly bolstered CMB.TECH's financial stability, providing solid revenue visibility and a contract backlog of around $3.0 billion. This positioning not only assures predictable cash flows but also reflects the company's ongoing commitment to maximizing shareholder returns.
Leadership Insights
Alexander Saverys, CEO of CMB.TECH, expressed enthusiasm about the merger, saying, “Closing this merger signifies our transformation into a diverse maritime group. We are eager to integrate the Golden Ocean team and maximize the value of our combined resources.”
Settlement Details for Shareholders
Recent trading concluded for Golden Ocean shares on major exchanges, with settlements for CMB.TECH shares arranged through standard processes for both Nasdaq and Euronext Oslo investors. This efficient mechanism ensures that all shareholders receive their CMB.TECH shares swiftly.
Maintaining Transparency
CMB.TECH is committed to transparency, complying with relevant legal regulations pertaining to shareholder disclosures. This includes publishing total share capital and voting rights to uphold compliance and investor confidence.
About CMB.TECH
Headquartered in Antwerp, CMB.TECH is one of the leading global players in the maritime industry, combining an expansive fleet with a sustainable approach to operations. With offices around the world, CMB.TECH not only offers traditional maritime logistics but is also pioneering alternative fuel solutions.
Frequently Asked Questions
What is CMB.TECH?
CMB.TECH is a leading diversified maritime company with a global fleet of nearly 250 vessels.
What does the merger with Golden Ocean entail?
The merger merges both companies' operations, creating a stronger entity in the maritime market with an extensive fleet.
How will shareholders benefit from this merger?
Shareholders will receive CMB.TECH shares in exchange for their Golden Ocean shares, providing them access to a larger, diversified company.
What is the significance of the new listing on Euronext Oslo?
The new listing broadens CMB.TECH's market presence, increasing liquidity and visibility for investors.
What are the company’s plans following the merger?
CMB.TECH aims to enhance its fleet's sustainability and expand its operational capabilities in the maritime industry.
