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CSAV Gains and SAAM Falls in Post Spinoff Debut: Santiago Mover

Cia. Sud Americana de Vapores SA and Soc. Matriz SAAM SA moved in opposite directions in their first trading day as separate entities as part of a plan by Latin America’s biggest container shipper to return to profitability.

CSAV rose 21 percent to 41.74 pesos at the close in Santiago after factoring in the spinoff of its port logistics unit known as SAAM. In its first day of trading today, SAAM opened at 70 pesos before sliding to 62.71 pesos.

“The market was enthusiastic about SAAM and that made its shares begin trading at a high price, but the euphoria has been wearing off during the day,” said Jorge Sepulveda, an analyst at Santiago-based brokerage Euroamerica Corredores de Bolsa SA. “This was pretty much expected in the post-split scenario.”

SAAM, which had net income of $52 million in 2010 according to a presentation on the company’s website, was spun off as part of a restructuring that saw Chile’s Luksic family secure control of CSAV through a capital increases. Holders received 1.117 new shares in SAAM for each Vapores share.

The Luksic’s holding company Quinenco SA now owns a controlling 37 percent stake in CSAV and an equal percentage of SAAM.

CSAV posted a record $1.25 billion loss last year as a drop in shipping rates because of overcapacity in the industry and rising fuel prices eroded margins.

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