Cartagena port authority buys out Contecar

Wednesday, February 23, 2005

Colombia's commercial and industrial regulatory office has approved Cartagena port authority SPRC's acquisition of a 67.1% stake in Cartagena terminal company Contecar, according to local press.

SPRC, which has completed the acquisition, bought Contecar as part of plans to expand the port, according to press reports.

Indeed, the port authority, which started operations in 1994, can only develop its port infrastructure vertically, considering city restraints prevent it from expanding horizontally. On the other hand, Contecar, which started in 1990, holds territory that can be used to expand the port.

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Colombia's coffee union sold the 67.1% share to SPRC after receiving competing offers. SPRC previously bought a 32.9% stake in Contecar from TMG Overseas y Granportuaria.

In Bolívar department, Cartagena is the country's largest port, handling about 40% of all Colombian cargo.