March 19, 2014


China Fishery acquires remaining Copeinca shares
 
 

 

China Fishery Group Limited and its subsidiaries has acquired all the remaining shares in Copeinca ASA.

 

Prior to this Compulsory Acquisition, the Group had effective ownership of 99, 78% of Copeinca shares. The offered redemption price of NOK68.17 (US$11) corresponds with the most recent offer price for the shares. Funds to secure settlement under the Compulsory Acquisition have been placed with an Oslo bank in accordance with the regulatory requirements.

 

The Group also announced that, as a result of the Compulsory Acquisition, it will pursue the delisting of Copeinca shares from the Oslo Bors and the Lima Stock Exchange.

 

"We believe that delisting will provide us with the greatest flexibility to realise synergies and efficiencies in our enlarged Fishmeal Operations," said Ng Joo Siang, Group Managing Director of China Fishery. "With respect to the Compulsory

Acquisition, it provides the remaining shareholders with a welcome opportunity to obtain good value for shares which currently have no liquidity," Ng added.

 

The Group advised that separate stock exchange notices would be published regarding the timing of the delisting.

 

China Fishery is a global integrated industrial fishing company with access to fish in some of the world's most important fishing grounds, including the Anchovy fishery in Peru. It is also one of the world's leading producers of fishmeal and fish oil through its processing plants located strategically along Peru's coastal areas.