The Superintendence of Competition has authorized the Honduran company Imperia Imperia Intercontinental and Inversiones El Salvador to buy from Banco Citibank, five of its subsidiaries, Seguros e Inversiones, and Cititarjetas.
From a statement issued by the Superintendency of Competition in El Salvador:
The Board of Directors of the Superintendency of Competition has approved this day, an authorization request for a merger consisting of the purchase of Banco Citibank de El Salvador, S.A. and five of its subsidiaries, Seguros e Inversiones S.A. (SISA) and its subsidiary and Cititarjetas, by Imperia Imperia Intercontinental Inc. and Inversiones El Salvador S.A. de C.V. The deal involves a non-horizontal economic concentration of a conglomerate for most of its operations and a vertical relationship for the provision of financial services through ATMs at gas stations.
The idea is to develop a storage facility for perishable goods coming from South America which would then be exported to the U.S.
The minister of Agricultural Develpment, Emilio Kieswetter, has visited the United States to see a new multimodal logistics platform by the company Gateway Mississippi Gulf Coast, one of the largest logistics centers in the country. It was created with the aim of speeding up exports of perishable products coming from countries like Argentina, Uruguay or Brazil.
Such report will detail how much of each good is sown in every region of the country, and will be a key supply for writing the bidding rules for selecting the company that will develop, build and manage the project.
The plant which is managed by Gulf Coast Produce will be able to store up to 80 million kilos of perishable good per year in an area that is 3 thousand square meters.
Laestrella.com.pa reports: "Mejia-Aoun, who serves as the liaison between the company and the government of Panama, said that the new plant will start to function before the end of the year. To this end they already have 120 trucks ready to operate and in April they will set up the cargo airline that will transport the products. A source from Tocumen S.A. confirmed the ratification of the project by the Board of Directors and said that the plans are being reviewed, the land is being surveyed and other types of processes related to he work are being executed.
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