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China Fishery Group buys Pesquera Islaya for USD 4.28 mln
 CHINA
Thursday, August 21, 2008, 03:50 (GMT + 9)
Pacific Andes' subsidiary China Fishery Group Limited will buy the Peruvian company Pesquera Islaya SAC at a price of approximately USD 4.28 million. The acquisition will increase the hold capacity of China Fishery's Peruvian purse seine fleet to 10,149 metres cubed.
The transaction is set to be completed by 30 September.
Pesquera Islaya owns one fishing vessel with a permit and a 204 cubic metre storage capacity.
The vessel and the permit together were assessed at a value of USD 4.26 million, according to report commissioned by China Fishery earlier this month. The valuation report, date 2 August, was completed on an open-market basis.
In a report dated 18 August, the net assets of Islaya were estimated at USD 4.26 million, including liabilities.
The larger fleet will allow the company to increase harvest of Peruvian anchovy, used as the main ingredient in fishmeal. The higher capacity will also allow the China Fishery Group to obtain a higher quota allocation... FULL STORY
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