Goldman fund sells stake in port operator SSA Marine
NEW YORK Jan 7 (Reuters) - An infrastructure fund run by Goldman Sachs has sold its stake in the holding company of SSA Marine, one of the world's largest privately held port operators, the firm said on Tuesday.
GS Infrastructure Partners, which bought into the company in mid-2007, and other institutional investors sold their shares in SSA Marine's ultimate parent company, FRS Capital Corp, to the founding Smith/Hemingway family, SSA said in a release on its website. After the deal, Mexican businessman Fernando Chico Pardo took a 49 percent share in the business, they said.
Financial details of the transaction were not released. A Goldman spokesman was not immediately available to comment on the reason for the sale.
The transaction comes as pressure mounts on Wall Street banks to get out of physical commodity trading because of concerns about their role in the raw material supply chain. SSA Marine is not a commodity trader but is involved in several large coal export terminals as well as container ports.