SAAM to Sell 35 Pct Stake in Tramarsa

Tramarsa Chilean port, towage and logistics services provider SAAM has decided to sell a minority stake in Peruvian Trabajos Marítimos S.A. (Tramarsa) to the Romero Group. SAAM said that Peruvian Romero Group accepted the conditions established to sell the 35% stake in Tramarsa, which operates a marine port and offers port services. The shares will be sold for USD 124 million. Following the transaction, SAAM will obtain profits amounting to USD 33 million. “This decision is part of our strategy of seeking control, either directly or through joint ventures, in our operations and assets”, Macario Valdés, SAAM’s CEO, explained. “This sale not only allows us to do a good business, but it also provides us with additional resources to take advantage of any opportunities that may arise and that we are constantly evaluating”, Valdés added. The transaction should be formalized before May 6, when the Romero Group will control 100% of Tramarsa.