- Shareholders in A.P. Møller – Mærsk A/S have voted in favour of the proposal for a demerger of Svitzer from Maersk.
- This confirms the separation of Svitzer to a new company that will be officially listed on Nasdaq Copenhagen. The first day of trading was on Tuesday 30 April 2024.
Shares in tug owning group Svitzer have started trading on the Nasdaq Copenhagen exchange in Denmark following the company’s demerger from AP Møller-Mærsk (APMM), reports Safety4sea.
Svitzer demerger from APMM
An extraordinary general meeting at Maersk was held 26 April, where shareholders voted in favour of the proposal for a demerger of Svitzer.
The first day of trading for Svitzer Group shares was 30 April 2024. APMM injected 100% of Svitzer shares, including those in its subsidiaries and other assets and liabilities related to APMM’s towage and marine service activities, to a new company. Svitzer Group was established and officially listed as part of the demerger.
“With the demerger from APMM and separate listing of Svitzer Group, an era of 45 years under APMM’s ownership comes to an end,” said Svitzer board of directors chairman Morten Engelstoft. “In this period, Svitzer has seen significant expansion and change, establishing itself as a global market leader that operates to the highest professional standards.”
In 1979, Maersk became a majority shareholder of Svitzer and acquired it shortly after.
“Today is a landmark event in Svitzer’s 190-year history as the company returns to its former status as stand-a alone company with the best possible outset for delivering value to customers, investors and other stakeholders,” said Mr Engelstoft.
Svitzer starts trading
Svitzer will continue to be headquartered in Copenhagen and operate under the same Svitzer name with around 450 vessels operating worldwide.
“The separation from APMM and separate listing of Svitzer on Nasdaq Copenhagen provides a solid platform for us to continue executing on our strategy and building our position in the market in the years to come,” said Svitzer chief executive Kasper Friis Nilaus. “We are excited and fully ready to become a stand-alone, listed company, offering investors the opportunity to invest in a leading global towage and marine services provider with a strong, steadily performing underlying business and continued growth ambitions.”
In the run-up to this demerger and listing, Mr Nilaus explained the strategy for future sustainable growth and investments. “Operating in a growing towage market, we have an attractive financial profile with solid margins and a predictable cash flow,” he said. “We are organisationally, financially and operationally ready for a future as a stand-alone listed company.”
Its tugs, pilot boats and line handlers operate in ports and terminals in Latin America, the Caribbean, Europe, the Middle East, Asia and Australia.
“Our strategy going forward is to continue the journey we have been on in the last few years, growing our business by pursuing long-term terminal contracts, expanding our harbour towage footprint, focusing on customer interaction and satisfaction, and continuing to invest in our people.”
APMM will continue to support the stand-alone tug owner, as on 29 April, it transferred its holding of approximately 41.65% of the shares and voting rights in Svitzer Group to its wholly-owned subsidiary APMH Invest, according to a Svitzer notification on Nasdaq Copenhagen.
Svitzer is implementing a new long-term share-based incentive programme consisting of restricted share units for 2024 and an extraordinary share-based incentive programme in the form of one-off grants of restricted shares and cash completion bonuses to members of the executive management and other eligible employees.
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Source: Safety4sea
