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News 371 views last update:6 Aug 2012

Bunge invest in Vietnamese port operator

Bunge Asia, the Asian operating arm of Bunge Limited said it has acquired a 50% stake in the owner/operator of Phu My Port in Vietnam.

The investment provides Bunge with greater opportunity to serve customers in the growing market for agricultural commodities in Vietnam.

The transaction involves the acquisition of SSI Logistics, the French subsidiary of France's state-owned SSI/EMC Group.

SSI Logistics owns a 50% stake in Baria Serece, the owner/operator of Phu My Port.

The port is located on the Thi Vai River, approximately 70 km from Ho Chi Minh City and near a large number of commercial feed mill operations.

It is the only commercial dry bulk port in Vietnam capable of receiving large, Panamax-class ships.

In 2004, Bunge secured exclusive access to the port for shipments of agricultural commodities. Acquiring an ownership stake will enable Bunge to invest alongside its partners to expand the operation's capacity and traffic.

Plans call for adding new storage facilities and more efficient discharging equipment that should increase capacity significantly in the next several years.

Bunge is developing plans to construct a soybean processing plant within the site as well.

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