Terlogs Terminal Maritimo - Phase 1

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In December 2001, Terlogs Terminal Maritimo Ltda, a subsidiary of SOGO South Ocean Graos e Oleos (Grupo Agrenco), announced the development a grain terminal at Sao Francisco do Sul Port, state of Santa Catarina with 107,000 thousand tons in capacity. The sponsors invested US$ 15 million in constructing the new merchant terminal, which became operational in March 2003. In 2005, the Japanese company Marubeni signed 10-year priority sales rights to Terlogs' shares. The company initially acquired a 6.8% stake in the terminal, and later increased its ownership to 25.5%. By November 2011, Marubeni invested US$ 60 million to acquire full ownership of the terminal, which by that time accounted for more than 50% of the port's cargo.