Chilean flexible packaging company Alusa has spent US$8.47mn to boost its share in Peruvian packaging firms Peruplast and Tech-Pak, Alusa told securities regulator SVS in a statement.
Alusa already held 25% of Peruplast, but purchased another 14.5% for US$3.19mn to take its holding to 39.5%. Meanwhile, the company spent another US$5.28mn to raise its stake in Tech-Pak from 24.4% to 50%.
The two share purchase contracts have already been signed in Peruvian capital Lima and will be fully paid in cash on March 1, according to the Alusa statement.
Peruvian investment group Nexus also has signed an agreement under which it will purchase the necessary number of shares in each company to equal Alusa's holdings. As such, the two firms will share control of Peruplast and Tech-Pak.
Alusa and Nexus have also received confirmation from Shintec that it will sell them all of its remaining stock in Peruplast, meaning that both will eventually raise their holdings to 50%.
Peruplast and Tech-Pak operate together in Peru and have a roughly 60% share of the flexible packaging market, and also export.
Alusa is 75% owned by Madeco, which is one of the leading Chilean manufacturers of metal products and fiber optics, as well as flexible packaging for foods, cosmetics and household goods.