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CSAV raises $108m at closing of capital increase pre-emptive right period

CSAV raises $108m at closing of capital increase pre-emptive right period
Compañía Sud Americana de Vapores (CSAV) raised $108m at the closing of the pre-emptive right period of the capital increase of $202m.

As a result, the controlling group of the company, Quiñenco Holdings, increased its shareholding in CSAV from 46.0% to 50.9%. The remaining shares will be offered again to shareholders in a second pre-emptive right period, which will begin next Thursday, 7 August  and will conclude on 13 August.

As it had been announced previously, the purpose of the capital increase, approved in March by the company’s shareholders, is to complete the financing for the acquisition of seven new 9,300 teu-vessels currently under construction and to fulfil some conditions for the closing of a possible merger of the containership business of the Chilean company with the German company Hapag-Lloyd.

The new vessels are being built by the Korean shipyard Samsung Heavy Industries (SHI), with deliveries starting at the end of 2014. Their entry into the fleet will allow the replacement of some of the vessels the company is currently chartering and as a result, CSAV will achieve close to 50% owned fleet by the end of 2015.

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