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Editor in chief: Angelo Scorza
09/07/18 10:54

Sapir interested in Setramar takeover

Alleged ownership transfer between the two leading terminal operators in Ravenna

As reported by Il Resto del Carlino, Sapir, one of the two leading terminal operators in Ravenna (whose majority shareholder, with 29% equity shares, is Ravenna Holding, group controlled by Ravenna Municipality), has allegedly submitted a purchase request to Setramar Spa (other terminal operator in the port, where almost all operators are owners and not concessionaires in retroport areas).

Submitted offer – the newspaper said – would seemingly reach 45-50 million Euro, covering whole terminal's area (227,000 square metres, over 40,000 covered structure) and equipment, particularly committed to various commodities but also containers. Meanwhile Poggiali Group wouldn't be engaged in other terminal-logistic operations (Lloyd Ravenna, Soco, Eurodocks).

Press leaks about the deal, which the interested parties didn't comment, caught unions' attention, already worried for Setramar's financial situation (the company had previously sold Gesmar healthy shares), which has been planning an intricate debt restructuring plan (last financial statement recorded 18.5 million Euro and 19.5 million Euro loss, while, for the time being, year 2017 hasn't been published yet).

“As united union — told (Il Resto del Carlino) Mauro Comi, responsible for Cgil port workers — we urged a meeting with the company and evaluated last 5 financial statements. Registered Capital and accumulated surplus soared from 53 million to 6 million Euro, while losses recorded in the last three financial years reach 14 million Euro/year. We urged recapitalization and a new business plan”.

For this reason Union asked to fix a meeting to be supervised by local Institutions.

Meanwhile Sapir, which, besides namesake terminal, also holds various shares, 70% in TCR container terminal, managed in partnership with Contship, 30% (located between Sapir and Setramar), published 2017 consolidated financial statement recording 5.319 million Euro profit versus 64.374 million Euro throughput.