Vapores Completes First Phase of Equity Offer

Chilean shipping and ports operator Compania Sudamericana de Vapores has raised $659m in the first stage of a share subscription closed Tuesday. The funds are part of a $1.2bn capital increase approved last year to turn Vapores’ fortunes around amid a difficult global shipping environment. Following the close of the period open only to existing holders, the next phase of the offer, open to the public, is set to run today through Tuesday. Vapores is offering 5.87bn new shares in the transaction, at $0.2045-equivalent each. CSAV is controlled by Quinenco, the investment arm of the Luksic group. The plan also includes the spinoff of the company’s port and logistics unit, Sudamericana Agencias Aereas y Maritimas.