CMA Terminals and Global Ports Investments PLC (Global Ports) have agreed to a cash free shares swap as part of CMA CGM Group’s divestment of shares in Russia.
CMA Terminals will receive 25 per cent of Multi Link Terminals Ltd Oy, Finland, in exchange for 25 per cent of CD Holding Oy, Finland, and 25 per cent of Multi Link Terminals Ltd, Ireland, which own Yanino Logistics Park (LP) and Moby Dik (MD) respectively.
The French shipping giant’s terminal arm had held interest in Yanino LP, an inland terminal based in the Leningrad area and the MD terminal in Kronshtadt. Global Ports, Russia’s largest terminal operator, also held interest in the two terminals.
CMA Terminals, additionally, has investment in two Finnish terminals under Multi Link Terminals Ltd Oy, controlled by Global Ports.
The deal means that Global Ports and CMA Terminals will now hold an even 50:50 share in the Finnish Multi Link Terminals, with Global Ports taking full control of the Russian LP and MD terminals.
The move comes following a wholesale shipping market withdrawal from Russia following the nation’s invasion into Ukraine last year. Global financial sanctions on Russia have banned transfer of finances to Russian companies.
The share swap divests CMA Terminals’ shares without a cash exchange.