China Fishery finishes sale of new shares

By

SeafoodSource staff

Published on
April 16, 2013

China Fishery Group, the company that is seeking a hostile takeover of Peruvian fishmeal producer Copeinca, has announced it has finished its sale of nearly 1.3 billion new shares of its own company.

In an announcement, the company said it has sold the shares, at a price of SGD 0.34 (USD 0.28, EUR 0.21) each, for a total gross proceeds of approximately SGD 347.9 million (USD 281.8 million, EUR 214.5 million). The company’s rights issue was fully subscribed, with valid acceptances and excess applications.

The company first announced it would be issuing new shares on 25 February, coinciding with the announcement that it would be seeking shares in Copeinca, the Peruvian fishmeal and fish oil producer.

The effort, seen by many as a hostile takeover attempt, has still not been resolved. Norway-based Cermaq made an offer of nearly USD 800 million (EUR 609.1 million) for a controlling interest in Copeinca, but China Fishery has since matched that offer, and Copeinca’s board has not yet decided who it will sell to.

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