Codesa grant to be signed in September; Port of Santos will follow suit

After 116 years, Companhia Docas do Espírito Santo (Codesa), which administers the ports of Vitória and Barra do Riacho, will cease to be publicly-owned. On September 12, the grant contract under which the management will be transferred to the firm Quadra Capital will be signed.

The signature — which provides for 35 years of private management, extendable for another five — will end the first process of port privatization in the country, as planned by the Federal Government. It intends to use replicate the same model in other port authorities. Among them is the Santos Port Authority (SPA), the manager of the Santos port complex, which Brazil wants to privatize this year.

In a note, Codesa stated that before sealing the property grant, a purchase and sale contract will be signed on August 23. In March, the company was sold for R$ 106 million by the consortium FIP Shelf 119 – Multiestratégia, managed by Quadra Capital, at an auction held on the São Paulo Stock Exchange.

Figures

According to Codesa, the total grant paid exceeds R$ 1.3 billion. In addition to the amount paid in the auction, the contract establishes the necessity of paying R$327 million related to the purchase of the company’s shares; R$71 million in judicial and extrajudicial liabilities assumed by the buyer; 25 annual installments of R$ 24.7 million from the sixth to the thirtieth year of the contract and a yearly variable contribution corresponding to 7.5% of the concessionaire’s gross revenue during the duration of the contract (R$ 200 million, in current values).

Investments and maintenance are estimated at R$855 million. As a result, cargo throughput at the Port of Vitória should double from 7 million to 14 million tonnes per year. Furthermore, in Barra do Riacho, there is the possibility of exploring new areas.

Santos

In 2020, the Port of Santos handled about 24 times more cargo than the Port of Vitória (146.6 million tons against 6.9 million). The privatization process of Santos is the biggest project this year, according to the Ministry of Infrastructure.

Entourages led by Minister Marcelo Sampaio were in the United States in May and Europe this month to explain the concession model to global investors. The Secretary of Ports, Mário Povia, told A Tribuna in June that his goal is to “hit the hammer this year.”

Source: A Tribuna

To read the full original article, please go to: https://www.atribuna.com.br/noticias/portomar/contrato-de-concessao-da-codesa-sera-assinado-em-setembro-modelo-servira-para-o-porto-de-santos

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