Vapores Set for Port Spinoff

Chile’s Compania Sudamericana de Vapores is set to spinoff its Sudamericana Agencias Aereas y Maritimas subsidiary, which will control its logistics, ports and storage operations, it says. The shipping company will give 1.12 shares in SAAM for each Vapores share. The move was enabled by the completion of a $1.2bn capital increase, of which the $412m second preferential stage closed last week. Luksic family holding vehicle Quinenco is now the controlling group, with 37.4% of the company’s stock, after subscribing to $547m of shares. In addition, $100m was subscribed by Marinsa and $553m by other shareholders and third parties. Celfin managed the equity raising process, done to strengthen the company’s balance sheet amid difficulties in the global shipping industry.