CMPort Signs Share Purchase Agreement for Brazil's Vast Infraestrutura

    On February 28, CMPort signed a share purchase agreement with Brazil's Prumo Logística and its subsidiary Açu Petróleo Investimentos (API) to conditionally acquire a 70% stake in Vast Infraestrutura, a crude oil terminal located at the Port of Açu in Rio de Janeiro, Brazil. The transaction consideration consists of US$448 million to be paid upon closing, subsequent conditional milestone payments of US$56 million, and potential additional consideration based on the company's future performance.

    Mr. Tu Xiaoping, Executive Director of CMPort, signed the share purchase agreement on behalf of the company. Following the signing, both parties must fulfill the agreed closing conditions, including obtaining approvals from relevant government authorities and regulatory bodies, before proceeding to the substantive closing. Upon completion, Vast Infraestrutura will become a subsidiary of CMPort, which will consolidate its financial results and lead its operational management. Prumo will continue to hold a 30% stake in Vast Infraestrutura.

    This acquisition by CMPort will further expand the company's port business footprint in Latin America, building upon its 2017 acquisition of TCP, a major container terminal in Brazil.

[Background Information]

    Vast Infraestrutura is the only private crude oil terminal in Brazil capable of accommodating VLCCs (Very Large Crude Carriers) for transshipment operations that is not operated by Petrobras, Brazil's national oil company. Approximately 30% of Brazil's crude oil exports are transported through this terminal. The seller, Prumo Logística, is a large diversified conglomerate headquartered at the Port of Açu in Rio de Janeiro, combining port logistics, energy, and industrial park operations. It owns six operational entities, including Vast Infraestrutura, with business activities spanning port logistics, oil and gas, and mineral transportation sectors.