The Chilean shipping company CSAV said Monday it has raised $108 million through the sale of shares in the first part of a previously announced rights offering. The company is seeking to raise a total of $202 million and will offer the remaining shares next week to shareholders in a second pre-emptive rights period between Aug. 7 and Aug. 13.
Proceeds will complete the financing for the acquisition
of seven new 9,300-TEU vessels being built by a Korean shipyard of Samsung Heavy Industries. Delivery of the ships will begin later this year.
CSAV said the new ships will allow it to significantly reduce its fuel costs, and allow it to rely more on owned, rather than chartered, vessels. It said it will own close to half of its fleet by the end of 2015.
The increase in capital also fulfills a condition for the closing of its planned merger with Hapag-Lloyd.
Quiñenco, the controlling shareholder of CSAV, has increased its shareholding in CSAV 46 percent to 50.9 percent.
CSAV raises $108 million in stock sale
