May 30, 2011
AquaChile invests in development plan
AquaChile president, VÃctor Hugo Puchi, foresees that by 2016, the organisation will put in approximately US$470 million in the execution of its expansion plan, which makes up the production of 174,000 tonnes of salmon and 40,000 tonnes of tilapia.
He pointed out that even though the company has the potential to produce about 250,000 tonnes of salmon, it will not reach that limit and will only use 60% of its capacity to achieve its goal over the next five years.
"We are in a much more conservative business plan as it consists in rotating centers better so that they recover," Puchi explained.
The official also requested the authority to keep the biological sensors in action as well as the research and data gathering on the effectiveness with which the rules being implemented in the industry function.
With respect to the growth plan, Puchi said, "We have our own assets to grow organically, but we have always been opened to it and have a successful history as the main industry consolidator. Now that we have strengthened our financial position we will resume the route, as long as there are interesting opportunities to address."
When asked about the renegotiation of AquaChile debt with banks, the company president said that the bank is monitoring the evolution so as to recover the trust, and reconsider the industry as an attractive customer.
For Puchi, it is possible that Chile can produce one million tonnes of salmon. He said, "Considering the number of active and potential leases, and the new farming rotation system, it is estimated that the maximum yield is at that level."
AquaChile recently made the opening of its 32.3% of its property in the Stock Exchange of Chile, with revenue of US$373 million. The hammer price of each share was US$0.95 for 387 million shares placed.
This company has made the largest IPO in the country registered over the past five years.
"This operation will acquire more than 10,000 new shareholders, which are local and foreign institutional investors, pension funds (AFP) and individuals", the company said.
It is expected that the market capitalisation of this important salmon company will exceed US$1,150 million, which would help it become the largest company in its sector.
