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SM SAAM Gains on Deal to Expand at Port in Colombia

Sociedad Matriz SAAM SA, the port operator spun off from the container shipping company Cia. Sud Americana de Vapores, rose after announcing a deal to expand operations in Colombia.

SM SAAM rose 0.9 percent to 60.50 pesos at 4:47 p.m. in Santiago. The shares, which tumbled after their initial public offering in March, have climbed 21 percent from a record low in September.

The Chilean port operator announced yesterday in a statement it signed a deal with Abonos Colombianos SA, or Abocol, and Compas to jointly operate the port of Buenavista in Colombia and build a nearby logistics center. Both are located in the Mamonal area near the city of Cartagena.

The deal will require an initial investment of $45 million, the company said in the statement.

SM SAAM, which provides port services such as towing, was formed in early 2012 from assets owned by CSAV after Quinenco SA, the holding company of the billionaire Luksic family, gained control.

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