Sigdo Signs Puerto Ventanas Deal

Friday, July 27, 2001

A group of investors led by Chilean engineering firm Sigdo Koppers yesterday signed contracts to buy Chilean power generator AESGener's 66% stake in Region V port Puerto Ventanas for some US$60mn, the company announced.

The group of investors includes former executives from Puerto Ventanas and AESGener, including Oscar Guillermo Garreton and Bruno Philippi.

Sigdo Koppers used cash flow from the sale of its electricity distributor Coquimbo Emec to CGE in 2000 to finance the acquisition, business newspaper Estrategia reported.

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Rumors have circulated in local media that Sigdo Koppers will form a joint venture with the Chilean subsidiary of Anglo-Dutch oil company Shell to provide fuel to the shipping lines.

AESGener is in the process of offloading all its non-electricity assets. In June the company sold stakes in shipping line CCNI and port services operator Agencias Universales (Agunsa), and held unsuccessful auctions for its interests in port operator Cabo Froward and Puerto Ventanas. AESGener then called on interested parties to negotiate directly with them for the Puerto Ventanas assets.