SAAM Gets Nod for Costa Rica Port Concessions
- Business & Finance
Chilean port, towage and logistics services provider SAAM materialized the acquisition of the two concessions in Puerto Caldera, the major terminal on Costa Rica’s Pacific Coast.
The acquisition agreement for the concessions was signed with Colombia’s Sociedad Portuaria Regional de Buenaventura (spbrun) in September 2016 and now the company has received the approval for the deal from local regulatory authorities.
With the materialization of this milestone, SAAM now controls 51% of Sociedad Portuaria de Caldera (SPC) and of Sociedad Portuaria Granelera de Caldera (SPGC), whose transferred annual volume totals 5.5 million tons.
The operation involved a disbursement of USD 48.5 million for the mentioned percentage of the share capital of both companies, which jointly reported revenues for USD 55.5 million in 2016, according to SAAM.
“The acquisition of 51% of Puerto Caldera allows us to grow in a country where we have had good results, through a well-managed company to which we can add value, and at the same time, allows us to join efforts with knowledgeable and experienced partners,” Macario Valdés, SAAM’s CEO, said.
The company includes, apart from SAAM’s majority position, Costa Rican companies Saret (21%) and Grain Logistics (19%), as well as Colombian “Grupo Empresarial del Pacífico” (9%).