CSAV in $398m Share Grab

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Compañía Sud Americana de Vapores (CSAV) has successfully raised US$398 million after its second auction of shares, which is the last stage of the process.

Oscar Hasbún, CEO of CSAV, said: “The success of this process represents the strong support to the company by its shareholders and the market, as well as recognition of the development plan we have carried out in recent years, by which we became the major shareholder of the fourth largest container carrier company worldwide.”

CSAV began the capital increase process on December 15, 2014 after the merger of its container shipping business with Hapag-Lloyd.

During the first pre-emptive right period, $357 million was obtained, representing 89% of the total capitalisation.

During that period, the controlling shareholder, Quiñenco, subscribed all its pro-rata shares, a figure that is equivalent to 54.5% of the capital increase.

Quiñenco increased its shareholding in CSAV from 54.5%, before the capital increase, to 55.2%.

CSAV’s CEO highlighted that the outcome represents a recognition to the company’s development plan, after which it became the major shareholder of the fourth largest container shipping company worldwide.

(Source: Kevin Davies)

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