Vapores Starts Equity Road Show

Chile’s Compania Sudamericana de Vapores (CSAV) has started investor meetings for a $500m share subscription open to existing holders. It plans to sell up to 834.7m shares at CLP285 each. If all shares are sold, this would raise a total of CLP237.89bn ($508m). The shipping company is offering holders 0.411325 shares for each existing share during a period expiring June 30. Chile’s Grupo Luksic, which brought its stake in CSAV to 20% in April, plans to subscribe all of its rights and will pick up any rights not subscribed by current holders, according to a report by bookrunner Celfin. Proceeds will be used to help Vapores to acquire cargo ships and for working capital. Shares closed at CLP291Monday, implying a 2.1% discount for the rights offering price.