CSAV clarifies container business plans

CSAV is looking for a strategic partner for its container business, but has no intentions of finding a buyer for that business unit. This statement of clarity issued by the line follows recent media reports that it had asked financial adviser Celfín Capital to find a buyer for its container business. “As mentioned on several occasions, CSAV Group has implemented a profound restructuring plan that will enable the company to tackle the challenges faced by our organisation and the industry,” a spokesman said. “This plan has not changed, and includes: ● “A capital increase of $1.2 billion dollars to strengthen its financial position, where its lead arranger is Celfín Capital; ● “The redesign of our services portfolio, focusing mainly on those markets where the company has clear competitive advantages; ● “Joint ventures with other major shipping companies to enhance the efficiency and quality of CSAV´s services; ● “The separation of the cargo shipping business from the port and terminal operation business (operated by its subsidiary SAAM) in an effort to promote the growth of the latter. “The CSAV Group is fully committed to strengthening its competitive position in order to remain a relevant player,” the spokesman said.