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Stock Exchange grills China Fishery over higher share prices

SINGAPORE
Wednesday, January 30, 2013, 02:20 (GMT + 9)

The Board of Directors of China Fishery Group Limited answered questions from the Singapore Stock Exchange (SGX-ST) this week referring to the considerable increase in the price of shares that China Fishery traded on 28 January 2013. The firm elaborated on its relationship with Russian Sea Catching LLC (RSC) and their possible future cooperation.

The Stock Exchange asked China Fishery about whether it knew of any information concerning it, its subsidiaries or associated companies that had not been previously announced, and which might explain the trading. China Fishery assured that it is not aware of any such information.

As far as whether it knows of any other possible explanation for the trading, China Fishery explained that it held its annual general meeting (AGM) on 28 January 2013, at which point the Chairman of the meeting, Ng Joo Siang, spoke of two matters which may not have been announced to the market through SGXNET.

One matter was that China Fishery, together with Pacific Andes Resources Development Limited and Pacific Andes International Holdings Limited, announced in early December that China Fishery was holding talks with Russian Federation-based Russian Sea Catching LLC (RSC) to explore opportunities for possible future cooperation between the two firms. At the AGM, it was unveiled that China Fishery will probably not invest in more than a minority stake and may consider investing if, among other factors, the future cooperation would enlarge the benefits that China Fishery already enjoys in Russia; it was also disclosed that negotiations are still ongoing and an announcement will be made if the two parties reach an agreement.

The other matter was that one of Russia's pollock fisheries has reached its 15-day public consultation stage and, if there are no objections, the fishery will receive Marine Stewardship Council (MSC) certification.

Related articles:

- Pacific Andes denies Russian media allegations
- Govt forces Pacific Andes to sell Russian

By Natalia Real
editorial@fis.com
www.fis.com

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