Embraport

active

Empresa Brasileira de Terminais Portuarios S.A. (Embraport), a wholly-owned subsidiary of the Brazilian group Coimex was granted a contract to build, own and operate a container and liquid bulk terminal at the port of Santos, state of Sao Paulo, in August 2006. In the end of 2008, Coimex sold 33.33% of its shares in Embraport to the state owned pension fund FGTS. In August 2009, the Brazilian group Odebrecht and Dubai Ports each acquired 25.75% of Embraport’s shares from Coimex, which kept only 15.27% of the shares. The project was divided into two phases: the first phase was set to include a container terminal with capacity of 1 million TEUs; while, in the second phase, the container terminal was set to increase its capacity to 2 million TEUs and the liquid bulk should be constructed (with capacity to handle 2 billion liters of ethanol). The total investment in the two phases was estimated at US$ 1.4 billion (BRL 2.3 billion). The total investment in the first phase of project was estimated at US$ 800 million. Financial closure was achieved in November 2011, when the IADB approved a loan package to Embraport: US$ 100 million A-loan and US$ 330 million B-loan. In September 2011, the state-owned bank BNDES had approved a US$ 356 million loan intermediated by state-owned bank Caixa Economica Federal. The remaining of this first phase was set to be financed with the sponsors own resources. As of the end of 2011, construction works were underway. The first phase of the project was set to be concluded by 2012, while the construction works on the second phase was expected to be finalized by 2014. Operations commenced in July 2013.