Port of Antwerp’s subsidiary Port of Antwerp International (PAI) announced it will invest $10 million to buy a stake at Brazil’s iron ore focused Port of Açú, located in the city of Sao Joao da Barra, in the state of Rio de Janeiro.
Under the terms of the deal, PAI will pay $10 million to become a partner in the project and have a seat at the company’s board. It may also appoint four managers at the local port, and increase the investment further after 18 months. PAI said it will also receive 1.176 percent of the share capital.
Additionally, PAI has also reached an agreement to provide consulting services for the Port of Açú for a period of 10 years focusing on the commercial and operational aspects of the business.
The Port of Açú will pay about $7.8 million for the 10-year consulting service period. The amount will increase to $16.4 million in the event PAI invests more in the local port.