Grupo Luksic buys stake in embattled shipping company - FreshFruitPortal.com

Grupo Luksic buys stake in embattled shipping company

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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

Source: www.freshfruitportal.com

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