CHILE's Compania Sudamericana de Vapores (CSAV) has raised US$261 million in a share sale to raise $1.2 billion to buy new ships including seven 9,300-TEU wide-beamed vessels for delivery 2014 and 2015.
Chile's CSAV raises US$261 million in share sale to buy new ships
CHILE's Compania Sudamericana de Vapores (CSAV) has raised US$261 million in a share sale to raise $1.2 billion to buy new ships including seven 9,300-TEU wide-beamed vessels for delivery 2014 and 2015.
The troubled South American carrier's aim is to sell 5.4 billion shares in an expected cash amount of $330 million following auction, downgraded from its initial goal of $500 million.
The Chilean mining and industrial group Luksvik took a 10 per cent and then eight per cent share through its holding company Quinenco, which has invested $170 million with the remaining $90 million by private individuals and institutions, reports Lloyd's List.
The Santiago-based carrier reported a net profit of $34.3 million which covered the extraordinary gain of $74 million explained mainly by pre-payment of debt with American Family Life Assurance.
Although it remained in the red by $62 million for the first half year, it was a turnaround for the $346 million loss during the same period 2012. It forecasts operational performance improvements in the second half 2015 following the delivery of newbuildings.
Its has focused on the creation of a separate entity for its SAAM, its port and terminal business, and built on joint operations with other carriers and increased its owned fleet in vessels of larger capacity to improve economies of scale.
