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            august 23, 2019

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DP World seeks to acquire Pulogsa box terminal in Chile


DP World has entered into an agreement to acquire a 71.3 per cent stake in Puertos y Logistica SA (Pulogsa) in central and southern Chile from Minera Valparaiso and other shareholders associated with the Matte Group, according to Shipping Gazette.
Listed on the Santiago stock exchange, the tender offers to acquire all outstanding shares of Pulogsa for US$502 million in consideration for 100 per cent equity ownership, the global terminal operator explained in a statement.
As of last October, Pulogsa had a net financial debt of $226 million. The acquisition is expected to be earnings accretive in the first full year of consolidation and it will be financed from existing balance sheet resources. The transaction is subject to regulatory approval and is expected to close in the first half of this year.
Pulogsa operates a long-term concession for Puerto Central (PCE) in San Antonio in Chile's central region V, as well as owns and operates Puerto Lirquen (PLQ) in the southern region VIII.
PCE is a multipurpose terminal located in San Antonio, which is a gateway to the Chilean capital Santiago and to leading industrial, commercial and agricultural businesses.
PCE is one of the country's largest and most modern container ports with annual handling capacity of one million TEU. The facility has the potential for further capacity expansion for both container and non-container operations.
PLQ is a multi-purpose terminal that handles containers, breakbulk and dry bulk. The port is positioned to benefit from the well-established pulp and lumber industry in southern Chile, next to the country's second largest city and industrial hub Concepcion.
CEO Sultan Ahmed Bin Sulayem said: "These new assets will allow DP World to serve cargo owners and shipping lines at five key gateways on the west coast of South America in Posorja (Ecuador), Callao and Paita (Peru) and San Antonio and Lirquen (Chile).
"PCE and PLQ are both 'best in class' terminals in their respective markets with long-term operating rights, strong cargo diversification and significant capability for expansion. The overall value proposition for these terminals is compelling.'

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