Vapores Set For $1.2bn in Fresh Funds

Shareholders of Compania Sud Americana de Vapores have approved a $1.2bn equity capital increase, to shore up the Chilean shipper as it confronts higher oil prices and lower shipping tariffs. The move follows a similar $500m equity increase in July, and is accompanied by a $350m credit line. Grupo Luksic’s Quinenco is contributing $1bn of the capital hike, with Maritima de Inversiones financing $100m and remaining shareholders the $100m. Vapores also approved the spinoff of the company’s port and logistics unit.