October 24, 2012
Camanchaca completes sale of Ecuador firm Pesquera Centromar SA
Camanchaca SA reports the successful completion of the due diligence for the sales of Ecuadorian firm, Pesquera Centromar SA, to a group of investors from Peru, led by Congelados Peruana del PacÃfico SA (Conpepac).
With the sale of Centromar, Camanchaca aims to focus on the fishing and salmon business development in Chile, mainly to finance projects intended to make the capture of horse mackerel profitable by developing products for human consumption with higher margins, reported the Chilean company.
Camanchaca general manager, Ricardo Garcia Holtz, was pleased with the sale.
"Today, we have been able to successfully conclude the sale within the set time limits and with no differences on price adjustments; having been able to finish the due diligence successfully is a good sign of our operations and of the serious way of doing business," he said in this regard.
The completed sale was for 100% of the shares of Centromar at a price of US$15.5 million.
Upon closing, US$745,000 was deducted so the final figure was at US$14,755,000.
Camanchaca received an initial payment of US$11,255,000 and the rest will be paid in four quarterly instalments from January 2013, the company indicated through a Material Fact sent to the Superintendencia de Valores y Seguros (SVS).
"This is an important step for Camanchaca and it is proof of our commitment to further focusing on the energy and on the financial resources of the company in our core businesses in Chile, such as salmon and bottom fishing," Garcia Holtz stated.
"The new owners of Centromar have extensive experience in the fishing industry and are confident that they would lead the company towards its next phase of growth," he added.
Glacier Securities LLC, the branch in New York of Islandsbanki from Iceland, served as the main adviser by providing investment banking services to Camanchaca during the operation.
Pesquera Camanchaca is a leading producer in Chile for salmon, trout, fishmeal and fish oil, frozen and canned fish, mussels, scallops and abalone.
This company controls about 20% of the quotas of small pelagic specimens of Chile and sells some of its products in the US with Pier 33, the well-known brand of seafood, highlighted Glacier in a press release.
