Bunge acquires stake in Phu My Port
October 16, 2008
by Eric Schroeder
SINGAPORE — Bunge Asia, the Asian operating arm of Bunge Ltd., has acquired a 50% stake in the owner/operator of Phu My Port. According to Bunge, the investment provides it with "greater opportunity to serve customers in the growing market for agricultural commodities in Vietnam." As part of the transaction, Bunge will acquire SSI Logistics, the French subsidiary of France’s state-owned SSI/EMC Group. SSI Logistics owns a 50% stake in Baria Serece, the owner/operator of Phu My Port, which is located on the Thi Vai river near a large number of commercial feed mill operations. It is the only commercial dry bulk port in Vietnam capable of receiving large, Panamax-class ships. The announcement comes four years after Bunge secured exclusive access to Phu My Port for shipments of agricultural commodities. Bunge said the acquisition will enable it to invest alongside its partners to expand the operation’s capacity and traffic by adding new storage facilities and more efficient discharging equipment. In addition, Bunge is developing plans to construct a soybean processing plant within the site as well.