Chile-based company Saam has materialised its acquisition of two concessions in Puerto Caldera, the second largest cargo-movement terminal in Costa Rica.

Saam signed an agreement in September last year to acquire the two concessions from Sociedad Portuaria Regional de Buenaventura (SPBRUN).

The materialisation has been approved by Costa Rica’s regulatory authorities, and means Saam has been able to control 51% of Sociedad Portuaria de Caldera (SPC), and Sociedad Portuaria Granelera de Caldera (SPGC), whose transferred annual volume totals 5.5 million tonnes.

Saam made a payment of $48.5m for 51% of the share capital of both companies, which jointly reported revenues of $55.5m in 2016.

"The acquisition of 51% of Puerto Caldera allows us to grow in a country where we have had good results, and join efforts with knowledgeable, experienced partners."

Saam CEO Macario Valdés said: “At SAAM, we are always in search of new business opportunities that will enable us to continue consolidating our leadership position in America.

“The acquisition of 51% of Puerto Caldera allows us to grow in a country where we have had good results, through a well-managed company to which we can add value, and at the same time allows us to join efforts with knowledgeable and experienced partners.”

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The company also noted that the acquisition has enabled it to form a new organisation, which includes Costa Rican companies Saret (21%), Grain Logistics (19%), and Colombian firm Grupo Empresarial del Pacífico (9%).

Saam holds the majority share in the new company.

Image: Puerto Caldera terminal in Costa Rica. Photo: courtesy of SAAM.