SAAM to Sell 35 Pct Stake in Tramarsa
- Business & Finance
Chilean port, towage and logistics services provider SAAM has decided to sell a minority stake in Peruvian Trabajos Marítimos S.A. (Tramarsa) to the Romero Group.
SAAM said that Peruvian Romero Group accepted the conditions established to sell the 35% stake in Tramarsa, which operates a marine port and offers port services.
The shares will be sold for USD 124 million. Following the transaction, SAAM will obtain profits amounting to USD 33 million.
“This decision is part of our strategy of seeking control, either directly or through joint ventures, in our operations and assets”, Macario Valdés, SAAM’s CEO, explained.
“This sale not only allows us to do a good business, but it also provides us with additional resources to take advantage of any opportunities that may arise and that we are constantly evaluating”, Valdés added.
The transaction should be formalized before May 6, when the Romero Group will control 100% of Tramarsa.
In early April, SAAM announced plans to invest a total of USD 133.5 million this year.
The company intends to invest USD 85 million in maintenance and extension of its current assets – San Antonio Terminal Internacional, Terminal Portuario Guayaquil and San Vicente Terminal Internacional.
SAAM recently materialized the acquisition of two concessions in Puerto Caldera, the second largest port in Costa Rica, for USD 48.5 million. The company now controls 51% of Sociedad Portuaria de Caldera (SPC) and of Sociedad Portuaria Granelera de Caldera (SPGC).