MEDIA RELEASE PR32254
Bunge Acquires 50% Stake in Vietnamese Port Operator
SINGAPORE, Oct. 16 /PRNewswire-AsiaNet/ --
Bunge Asia, the Asian operating arm of Bunge Limited (NYSE: BG), today
announced the acquisition of a 50% stake in the owner/operator of Phu My Port.
The investment provides Bunge with greater opportunity to serve customers in the
growing market for agricultural commodities in Vietnam.
The transaction involves the acquisition of 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. The port is located on the
Thi Vai River, approximately 70 km from Ho Chi Minh City and 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.
In 2004, Bunge secured exclusive access to the port for shipments of
agricultural commodities. Acquiring an ownership stake will enable Bunge to
invest alongside its partners to expand the operation’s capacity and traffic.
Plans call for adding new storage facilities and more efficient discharging
equipment that should increase capacity significantly in the next several years.
Bunge is developing plans to construct a soybean processing plant within the site
as well.
Vietnam, with a population of 86 million and rising per capita income, is a
fast growing market for soybean meal and other agricultural commodities. Market
forecasts call for aggregate volumes of soybean meal, corn and wheat imports to
increase by approximately 10% per year over the next five years.
About Bunge
Bunge Limited (www.Bunge.com, NYSE: BG) is a leading global agribusiness and
food company founded in 1818 and headquartered in White Plains, New York.
Bunge’s over 25,000 employees in over 30 countries enhance lives by improving the
global agribusiness and food production chain. The company supplies fertilizer
to farmers in South America, originates, transports and processes oilseeds,
grains and other agricultural commodities worldwide, produces food products for
commercial customers and consumers and supplies raw materials and services to the
biofuels industry.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and forward-looking statements.
All statements, other than statements of historical fact are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
about our future results, performance, prospects and opportunities. We have tried
to identify these forward-looking statements by using words including "may,"
"will," "expect," "anticipate," "believe," "intend," "estimate," "continue" and
similar expressions. These forward-looking statements are subject to a number of
risks, uncertainties and other factors that could cause our actual results,
performance, prospects or opportunities, as well as those of the markets we serve
or intend to serve, to differ materially from those expressed in, or implied by,
these forward-looking statements. The following important factors, among others,
could affect our business and financial performance: our ability to complete,
integrate and benefit from acquisitions, divestitures, joint ventures and
strategic alliances; estimated demand for the commodities and other products that
we sell and use in our business; industry conditions, including the cyclicality
of the agribusiness industry and unpredictability of the weather; agricultural,
economic and political conditions in the primary markets where we operate; and
other economic, business, competitive and/or regulatory factors affecting our
business generally. The forward-looking statements included in this release are
made only as of the date of this release, and except as otherwise required by
federal securities law, we do not have any obligation to publicly update or
revise any forward-looking statements to reflect subsequent events or
circumstances.
SOURCE Bunge Asia
CONTACT: Investors, Mark Haden, +1-914-684-3398, Mark.Haden@Bunge.com, or
Media, Stewart Lindsay, +1-914-684-3369, Stewart.Lindsay@bunge.com, or Marton
Katona, +65-6227-0090, Marton.Katona@bunge.com, all for Bunge Asia
(BG)
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