Bunge invest in Vietnamese port operator

22-10-2008 | |

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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