Chile Quinenco Shareholders Approve $573 Million Capital Increase -Report
06 Ottobre 2011 - 6:06PM
Dow Jones News
Shareholders of Chilean holding company Quinenco SA
(QUINENCO.SN), owned by the local Luksic family, approved a 300
billion peso ($573 million) capital increase, Valor Futuro newswire
reported Thursday.
Quinenco will use the funds to pay for part of its commitment to
shipper Compania Sud Americana de Vapores SA's (VAPORES.SN) capital
increase and the purchase of Colombian fuel company Terpel's
Chilean assets.
Quinenco, which holds about a 20% stake in Vapores, has
committed to subscribe $1 billion of the shipper's recently
approved $1.2 billion capital increase.
The holding company also recently agreed to pay $320 million for
the Terpel assets, which fuel-and-forestry conglomerate Empresas
Copec SA (COPEC.SN) indirectly owns.
"We need to raise more capital for new projects like Terpel
Chile, but the bulk of funds will be used for Vapores' capital
increase," Quinenco's chairman Guillermo Luksic said, according to
Valor Futuro.
The Luksics are reportedly Chile's richest family and control
London-listed mining company Antofagasta PLC (ANTO.LN, ANFGY),
brewer Compania Cervecerias Unidas SA (CCU, CCU.SN) and the
country's second-largest bank, Banco de Chile (BCH, CHILE.SN),
among other assets.
-By Anthony Esposito, Dow Jones Newswires; 56-2-715-8929;
anthony.esposito@dowjones.com
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