Buenaventura Port

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As of December 1993, the Colombian ports were privatized and given in concession to the newly formed private, regional companies, known as Asociedades Portuarias Regionales. Each company was divided as follows: 70% private capital, 15% owned by the local municipality, 13% by the regional authority and just 2% by the state. The privatization was authorized by Law 1A of 1991, which envisioned the creation of regional entities to operate the ports. Sociedad Portuaria Regional de Buenaventura S.A operates the multi purpose terminal with 14 beths (total length 2.000 m). Throughput in 1997 was as follows: 1,700,000 tons containerized cargo, 1,010,000 tons liquid bulk, 765,000 tons breakbulk and 2,350,000 tons dry bulk. In May 2008, Sociedad Portuaria Regional de Buenaventura S.A signed a 20 year extension with the Colombian government agency INCO and committed to investing an additional US $450 million, most of which was scheduled for the following six years. In July 2013, Equimac, the Colombian subsidiary of Chile-based port and logistic group SM-SAAM (BCS: SMSAAM), signed an agreement with PAC Ports Acquisition Corporation (PAC) to sell its minority stake in the concession of Buenaventura's port. The deal corresponds to a 4.16% participation that Equimac retains in the port's concessionaire Sociedad Portuaria Regional de Buenaventura (SPRBUN). It also consists of an 8.75% stake in Terminal Especializado de Contenedores Buenaventura (TECSA), a logistics firm operating at the terminal. With this deal, main shareholders in Sociedad Portuaria Regional de Buenaventura are: DPWorld (19%), Flour Mill Valley (24%), Buenaventura Municipality (15%), Asociación de Productores de Azúcar Asocaña (10%), el Ministry of Transport (2%) and minority shareholders (6%).