Pacific Andes aims to sell Peruvian business at best value
Plans for the future for Pacific Andes International Holdings (PAIH) could involve the group selling its Peruvian operations for USD 1.7 billion (EUR 1.6 billion).
Two separate, prospective buyers arrived at non-binding memorandums of understanding with the group on 23 and 24 December respectively, with both companies proposing that they would purchase the Peruvian business at indicative enterprise value of USD 1.7 billion.
Included in the Peruvian business sector for Pacific Andes is Copeinca, which the group managed to purchase for under USD 800 million. Per a stock release, Pacific Andes said it had planned to possibly sell off its Peruvian business before appointing KPMG executives as provisional liquidators of China Fishery and China Fisheries International, which transpired on 30 November 2015.
The group has entered into a deed of undertaking for the benefit of its majority club lenders and the Hong Kong court as of 28 December, 2015. However, shareholders should keep in mind that the entry into the deed may not necessarily result in the dismissal of the provisional liquidators in China Fishery and China Fisheries International, noted Pacific Andes.
The enterprise intends to sell the Peruvian business for the best possible value, it said.