Fishing vessels. (Photo: Camanchaca)
Camanchaca ends Pesquera Centromar sale
Wednesday, October 24, 2012, 01:50 (GMT + 9)
The company Camanchaca SA reported the successful completion of the due deligence to sell the Ecuadorian company Pesquera Centromar SA to a group of Peruvian investors led by the company Congelados Peruana del Pacífico SA (Conpepac).
With the sale of Centromar, Camanchaca aims to focus on the fishing and salmon business development in Chile, mainly to finance projects intended to make the capture of horse mackerel profitable by developing products for human consumption with higher margins, reported the Chilean company.
Camanchaca general manager, Ricardo Garcia Holtz, was pleased with the sale.
"Today we have been able to successfully conclude the sale within the set time limits and with no differences on price adjustments; having been able to finish the due diligence successfully is a good sign of our operations and of the serious way of doing business," he said in this regard.
The completed sale was for 100 per cent of the shares of Centromar at a price of USD 15.5 million.
Upon closing, USD 745,000 was deducted so the final figure was at USD 14,755,000.
Camanchaca received an initial payment of USD 11,255,000 and the rest will be paid in four quarterly installments from January 2013, the company indicated through a Material Fact sent to the Superintendencia de Valores y Seguros (SVS).
"This is an important step for Camanchaca and it is proof of our commitment to further focusing on the energy and on the financial resources of the company in our core businesses in Chile, such as salmon and bottom fishing," Garcia Holtz stated.
"The new owners of Centromar have extensive experience in the fishing industry and are confident that they would lead the company towards its next phase of growth," he added.
Glacier Securities LLC, the branch in New York of Islandsbanki from Iceland, served as the main adviser by providing investment banking services to Camanchaca during the operation.
Pesquera Camanchaca is a leading producer in Chile for salmon, trout, fishmeal and fish oil, frozen and canned fish, mussels, scallops and abalone.
This company controls about 20 per cent of the quotas of small pelagic specimens of Chile and sells some of its products in the United States with Pier 33, the well-known brand of seafood, highlighted Glacier in a press release.
- Camanchaca sells Ecuadorian subsidiary
By Analia Murias