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January 15, 2019

DP World to buy major stake in Chile’s Puertos y Logistica

United Arab Emirates (UAE) based port operator DP World has signed an agreement to purchase a 71.3% share in Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders of Matte Group.

United Arab Emirates (UAE) based port operator DP World has signed an agreement to purchase a 71.3% share in Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders of Matte Group.

Pulogsa currently operates the Puerto Central (PCE) terminal in San Antonio in Chile’s Central Region V under long-term concession, as well as the Puerto Lirquen (PLQ) terminal in the country’s Southern Region VIII.

Multipurpose terminal, PCE, currently serves as a gateway to the Chilean capital Santiago and to major industrial, commercial and agricultural businesses.

With a one million twenty-foot equivalent unit (TEU) capacity, PCE is the most modern terminal in Chile.

The terminal could be further expanded for use in container and non-container operations.

PLQ has long-term maritime concessions with freehold land ownership for handling its containers, break-bulk and dry bulk operations.

DP World is expected to place an offer to buy all the outstanding shares of Pulogsa through a tender offer.

“These new assets will allow DP World to serve cargo owners and shipping lines at five key gateways.”

DP World group chairman and CEO 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 and the addition of capacity to our portfolio will help drive long-term value to all our stakeholders.”

Subject to relevant third party approvals, the trial is expected to be closed in the first half of this year.

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