Brazil ports
Brazils Oderbrecht, an engineering and construction company, in partnership with Dubai-based ports operator DP World, has acquired a majority stake in a Brazilian port, Empresa Brasileira de Terminais Portuarios (Embraport) in Santos City, Sao Paulos state, media reports have said.
The two firms will have a 51.5% stake in the terminal. Of the remaining share, federal insurance fund, FI-FGTS will have a third, with a 12.5% stake held by Coimex who at the end of last year sold a portion of its stake to FI-FGTS.
Embraport is to become Brazil’s largest multipurpose port, with an initial capacity of 1m teu per year. The project will cost $500m.
“This is an unparalleled opportunity to enter Latin America’s largest economy and establish a strong position on the East Coast,” Mohammed Sharaf, DP World’s chief executive said of the deal.
Related Articles
NORTH AMERICA
CONCESSIONS & INVESTMENTS