Grupo Luksic buys stake in embattled shipping company
Chile's Compañía Sud Americana de Vapores (CSAV) may be in a tough financial situation with US$60 million in debts due by June, but it has received a US$120 million vote of confidence from another Chilean company.
CSAV shareholder Marítima de Inversiones notified the country's Superintendent of Values and Insurance (SVS) that Grupo Luksic purchased 10% of CSAV's shares with a total value of US$120 million.
The purchase was made through its Quiñenco holding company, acquiring 202,925,890 shares at a price of 285 Chilean pesos per share (US$0.60).
Since the opening of trade this year the business has lost more than US$1 billion in value on the Santiago Bolsa, representing nearly half its value.
Related story: Shares sink for indebted shipping company CSAV