Acuinova Chile to be launched in the market in Santiago. (Photo: Acuinova/Stock File/FIS)

Acuinova Chile launches stock market

CHILE
Monday, June 25, 2012, 23:10 (GMT + 9)

The Spanish multinational firm Pescanova announced to the National Securities Market Commission (CNMV) that it is getting ready to open public offerings in the Stock Exchange in Santiago of its subsidiary Acuinova Chile for the first quarter of 2013.

It is anticipated that next year the Chilean company will issue 519.9 million of registered shares, which have the holder's name on the bond, without nominal value, with the aim of attracting about USD 46 million.

On 6 June, the initial public offering (IPO) was registered in the Superintendency of Securities and Insurance (SVS) of Chile, the newspaper Faro de Vigo reported.

The firm led by José Gago aims to "finance the development plan for the coming years," which includes fixed capital expenditures for the installation of more marine fish farms.

Currently, Acuinova has two processing plants and two farming centres in Chilean territory. The company executives hope to finance the construction of two fattening centres in the regions of Aysén and Magallanes with the IPO.

The company also wants to invest in "working capital, which is needed to increase salmon production," said Gago.

Furthermore, Acuinova plans to "strengthen the company's financial position" with the IPO.

The stock market launch will contribute to the reduction of the level of financial liabilities "arising from the existing credit agreements or from those that are currently being negotiated," the firm told SVS.

In 2008, Pescanova undertook a corporate restructuring of its business in Chile.

As part of this restructuring, the company Pesca Chile was divided into two companies: Acuinova Chile and a new Pesca Chile -- with aquaculture operations in the Aysén region and the capture work throughout the south of Chile.

By Analia Murias
editorial@fis.com
www.fis.com

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