Chile Vapores to raise $1.2 bln to counter losses
Fri Sep 2, 2011 8:31pm EDT
* Chilean shipping firm posts $525 H1 loss
* Firm aims to raise $1.2 bln in capital
(Reuters) - Chilean shipping firm Vapores VAP.SN will seek to raise $1.2 billion to counter a business hit by lower shipping rates and higher oil prices, the company said on Friday.
Luksic family's holding group Quinenco QNN.SN will finance $1 billion of the capital hike, Maritima de Inversiones will finance $100 million and shareholders will finance the remaining $100 million, Vapores' statement said.
Vapores has also asked for $250 million in credit from Quinenco QNN.SN and $100 million from Maritima de Inversiones.
Vapores said in a statement it had lost $525 million in the first half of the year and expects "very significant" losses for 2011.
The capital increase will be submitted to shareholders at a meeting on October 5, Vapores said. The shipping firm already raised $430 million in July. [ID:nN1E7601XQ]
Vapores closed down 3.70 percent on Friday, before the announcement, outpacing Chile's benchmark IPSA stock index .IPSA, which fell 1.33 percent. (Reporting by Santiago newsroom. Writing by Alexandra Ulmer)
