The company’s presentation to investors, which include investment funds, pension funds, stockbrokers and individual investors, will set out the present situation of the containership industry which has shown structural changes in recent years. It will set out the company’s greater orientation to profitability, an increase in joint operations between operators to achieve economies of scale, a greater focus on operational efficiency and a higher proportion of own fleet.
In addition, CSAV will stress the principal characteristics of the investment, consistent with the new industry paradigm centered on the use of larger ships and those more efficient in fuel consumption. The acquisition of seven new 9,300 teu-ships will enable CSAV to have one of the most modern fleets in the market and to increase its own fleet to the industry average. The presentation will also cover the successful implementation of the operational and financial restructuring plan carried out by the company.
CSAV set the share price for the capital increase at $0.0488 per share, with the issue of 6.75bn new shares. The company expects to generate funds of $330m. The pre-emptive offer period runs until 18 September, for shareholders registered with the company on 13 August.
The placement of new shares will enable the company to continue with its investment plan to acquire seven new 9,300 teu ships. The proceeds will be used to repay all the company’s financial debt with Banco Latinoamericano de Comercio Exterior (BLADEX).
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