CSAV raises $1.2 billion in stock sale

   The Chile-based shipping company CSAV said last week it had raised an additional $1.2 billion through the sale of additional stock in the company and completed spin-off of its terminal division SAAM.
   Major investors include the conglomerate Quiñenco, which is part of the Luksic Group, which invested $547 million and now owns 37.44 percent of the company. In addition, $100 million of stock was purchased by Maritima de Inversiones SA (Marinsa), giving the Claro Group a 12.35 percent share in the company.
   The increase in capital is part of a restructuring process at CSAV which contemplates a reduction in containership carrying capacity by about 50 percent compared to the first months of 2011. In addition, thanks to agreements with significant shipping companies, the volume of joint operations rose from around 30 percent in early 2011 to almost 90 percent currently. The company is also enlarging the size of its own fleet, which will increase from 9 percent at the start of 2011 to more than 30 percent at the start of the second half of 2012. – Chris Dupin