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DP World takes 19% stake in Colombian terminal for $150m

DP World takes 19% stake in Colombian terminal for $150m
DP World has acquired a 19% stake in Sociedad Portuaria Regional de Buenaventura (SPRBUN) that operates the largest terminal on Colombia’s Pacific coast for $150m. However the Dubai-headquartered terminal operator intends to buy up to 23% and negotiations remain open until 30 July.

The port of Buenaventura comprises four terminals that moved over 14m tonnes of cargo in 2012. One of the other terminals, Container Terminal of Buenaventura (TCBuen), which started operations over two years ago, is run by Spain’s operators Barcelona Container Terminal. The main partner of Aguadulce terminal, under construction next to Buenaventura, is Philippines port operator ICTSI.

SPRBUN’s general manager Domingo Chinea, said that purchasing preference was given to current shareholders when Chile’s SAAM decided to de-invest and sell their shares to other investors.  The arrival of investors such as DP World is a good opportunity for the terminal since “[they are] world-class players, very interested in investing in Buenaventura terminal. It is also a chance that those who had sold their shares to do so at a great price," he said

With this transaction, the main shareholder groups in Buenaventura Regional Port Society are: DPWorld with 19%, Flour Mill Valley with 24%, Municipality of Buenaventura, 15%, Sugar Producers Association, 10%, Ministry of Transport, 2%, and minority shareholders with 6%.

The terminal today is very different than the one the Colombian government, 15 years ago, gave in concession to the private sector. In the last five years, the access channel was dredged to 13.5 m, turning basins went from 240 m in 2008 to 400 m and 450 m before the end of 2013. With the purchase of two post-panamax cranes it has a total of six cranes allowing vessels over 335 m long and capacity of 8,500 teu to call the terminal, Chinea explained.

SPRBUN moves over 75% of foreign trade cargo handled by the port of Buenaventura and expects to become one of the largest transhipment port on the South America Pacific coast.