ACS sells overseas stakes to local partners

Spain's construction and services group, ACS, has created a series of local agreements for the disposal of the overseas ports assets held by subsidiary Dragados-SPL. In each case, shares in existing joint ventures are being sold to local partners.

In all, the company holds stakes in six terminals in Chile, the Dominican Republic, Brazil, India, Portugal and China. Of these, it intends to retain the 52% stake it holds in the Chinese company Jintang International Container, given a much wider interest it has in participating in future motorway contracts in the country.

In Chile, Brazil and India, it has reached agreement on the selling price and is in the process of disposing of its assets.

In Chile, it holds a 40% stake in Iquique Terminal Internacional and in Brazil one of 50% in Terminal Santa Catarina, the latter costing it €25.5m ($36.7m) in 2006.

In India, it holds half the equity in Indira Container Terminal in Mumbai.

Negotiations to dispose of assets continue in both Portugal and the Dominican Republic. In the latter, it has a 30% holding in DP World Caucedo and one of 50% in Sadoport, the general cargo terminal in the Portuguese port of Setubal.

Source: Port Strategy