American investment bank Goldman Sachs Group Inc.'s infrastructure fund has sold its 49% stake in the holding company of SSA Marine. SSA Marine is one of the world's largest privately held port operators.
According to Reuters, the sale is Goldman Sach's latest divestment in the resources and transporation sector, and follows last year's sale of its power plant unit Cogentrix. Financial details of the transaction, however, were not released.
Goldman Sach's GS Infrastructure Partners sold its shares in SSA Marine's ultimate parent company FRS Capital Corp., to the founding Smith and Hemingway family. After the sale, Mexican businessman Fernando Chico Pardo took a 49% stake in the business, the report said.
SSA Marine is involved in several large coal export terminals as well as container ports. It has activities at 210 terminal facilities and rail operations across the Americas, Asia and South Africa, Reuters said.
The transaction comes as pressure mounts on Wall Street banks to get out of physical commodity trading, as well as new rules limiting direct financial investments, the report said.
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