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CSAV auctions $25.3m in shares and announces second pre-emptive right period

Compañía Sudamericana de Vapores (CSAV) has raised $25.3m through the auction on the Santiago stock exchange of 742,153,548 shares as part of its ongoing capital increase of $400m, CSAV said in statement.

Michele Labrut, Americas Correspondent

January 26, 2015

1 Min Read
Kalyakan - stock.adobe.com

Of the auction total, 44% of the shares were adjudicated to foreign investors and 56% to local investors and the amount which is in addition to the $357m obtained in the first preferential option period of the capital increase. The remaining shares will be offered again to shareholders in the second pre-emptive right period which opens on 24 January and closes on 30 January.  

The proceeds were used to subscribe for the capital increase of Hapag-Lloyd following the merger for EUR370m, through which the Chilean company increased its shareholding in Hapag-Lloyd from 30% to 34% and cover the transaction closure expenses

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Hapag Lloyd

About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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