Port of Santos: contract winner must keep employees for 12 months

The Brazilian Investment Partnerships Program (PPI) council approved the decision in an extraordinary edition of the country’s Official Gazette published on Sep. 16. These and other points were discussed in a public hearing held by the Brazilian Social Development Bank (BNDES) on the concession of the Santos Port Authority to the private sector.

The conclusions of the studies conducted by consultancies for the development of the Port of Santos privatization project were also presented during the hearing.

The public hearing stressed that worker retraining should adhere to market standards on the topic of labor. Other aspects of the privatization model were underlined, such as the auction winner acquiring ownership of SPA in conjunction with the signing of the concession contract for Port exploration, and the concession length of 35 years, with a possible extension of another five.

The need for prior adjustments to the transfer of control was also recognized, such as the conversion or liquidation of retainers for the future increase in capital and the transfer of credits to SPA shareholders after the arbitration procedure between the Port Authority and Libra.

As per the latter, shares will be offered to employees and retirees under the same conditions the Federal Government will provide the new investor, which is 10% of the capital stock, and the obligation to capitalize the company.

See below the top five most imported and exported products in containers via Port of Santos in the first seven months of 2022. The data is from DataLiner.

Top 5 Exports via Santos | Jan – Jul | 2022 | TEUS

Top 5 Imports via Santos | Jan – Jul | 2022 | TEUS

Source: DataLiner (click here to request a demo)

Auction

Some bidding rules for participating in the auction were listed at the hearing, such as the minimum grant amount of R$ 3 billion to be paid in cash and the guarantee of a proposal of 1% on the global value of the concession contract. The event will also require economic qualification to be proven by demonstrating minimum equity equivalent to the company’s shares, plus 50% of the minimum initial contribution registered in the public notice.

Source: A Tribuna

To read the full original article, please go to: https://www.atribuna.com.br/noticias/portomar/vencedor-de-leilao-do-porto-de-santos-nao-podera-demitir-funcionarios-nos-primeiros-12-meses-

Sharing is caring!