The pre-emptive right period saw the Chilean owner reach nearly 90% of its initial target to raise $400m.

Shareholders who subscribed to the scheme paid $21 for each of the 10.42 million shares.

It said the remaining shares will be offered through a floor auction led by Itau BBA Corredor de Bolsa and Santander Corredores de Bolsa.

CSAV joined forces with Hapag-Lloyd to create the fourth largest shipping company worldwide with a fleet of around 200 vessels and estimated revenue of $12bn.

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