March 1, 2007

Top fishmeal producer in Peru lists on Norway's stock exchange

Peruvian fishmeal producer Pesquera Copeinca has become the first foreign fisheries company to trade shares on the Oslo Stock Exchange (OSE).

Copeinca is the largest fishmeal and fish oil producer in Peru. In 2005, it represented 5.5 percent of the fishmeal and fish oil exports by value.

Nine other fishing companies are listed on the OSE .

Almost US$100 million in shares have been snapped up by Norwegian investors.

With the cash raised from the listing, Samual Dyer, the controller of Copeinca, plans to complete a US$29-million aqcuisition.

Copeinca, headquarted in Lima, is Peru's fastest growing fishmeal and fish oil producer. Copeinca produces 80,000 - 100,000 tonnes of fishmeal annually from its five plants, most of which is destined for international markets. China is Copeinca's largest export market. The company's sales in 2005 were US$90 million.