Two Brazilian investment funds have hiked their stake in Log-In Logistica Intermodal, the Brazilian operator of container ships and terminals controlled by MSC Group, to 15%.
The Sao Paulo-listed company said it received a letter from Alaska Investimentos and LAPB Gestao de Recursos Financieros jointly informing the outfit that they hold nearly 16.1m shares.
The stake is worth BRL 538m ($106m) at the latest price on Brazil’s B3 stock exchange.
Alaska Investimentos and LAPB both fall under the umbrella of Sao Paulo-based Alaska Asset Management, a firm that focuses on long-term equity investments and close monitoring of its holdings.
The two funds last reported a stake of 13.6m shares, which gave them a 12.7% stake and made them the second-largest shareholder in Log-In.
In their letter, the investors said they increased their investment in Log-In as a purely financial transaction.
“It is not intended to change the composition of control or administrative structure of the company,” they said.
The funds said they are not trying to achieve any particular stake in the company.
MSC Group’s Sas Shipping Agencies Services reported a 73.7% stake in Log-In in November.
At that time, there was just 12.5% not held by Alaska’s funds, MSC or Log-In’s treasury.
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