Fresh salmon for export. (Photo: Australis Seafoods)
Australis sells stake in True Pacific Holding Salmon
Thursday, June 05, 2014, 21:50 (GMT + 9)
Australis Seafoods has agreed to sell its stake in True Salmon Pacific Holding (TSP) to the company True Pacific Holding Company for a value of USD 1.5 million.
In a material fact submitted to the Superintendency of Securities and Insurance (SVS) on 4 June, Australis stated that the sale will mean an approximate net loss in profits from the fiscal year 2014 of USD 2,230,000 as a result of the difference between the value book and the sale price.
According to the firm, "the cost associated with the sale will be paid in three annual installments due on 31 May, 2015, 2016 and 2017."
Australis is linked to the executive Isidoro Quiroga, who had a stake of 50 per cent in that company.
The agreement had been subject to the condition that The Northern Trust Company, a US bank, authorized the sale, which took place on 2 June.
Australis explained the regulatory agency that the sale of the participation in TSP "is part of the commercial development of the partnership that seeks to concentrate efforts on marketing" the three species that it produces: Atlantic and Pacific salmon, and trout.
Besides, it clarified that his intention is "not to diversify sales efforts on species that are not currently its own production."
Last March, Australis confirmed the sale of the assets of its salmon egg production and genetic firm Landcatch Chile SA to the company AquaGen, from Norway.
According to the notification sent by the company to the SVS, the final selling price of the assets involved in the transaction reached USD 11.4 million and their net value was USD 10.2 million.
Australis Seafoods performs asset sale to Norwegian firm
By Analia Murias