Las Urbinas group owns 41.3 per cent of Blumar's property, while the Sarquis family holds 37.5 per cent of the company's shares.
Blumar controlling shareholders to sell 78.8% of the company
Blumar S.A. reported yesterday to the Commission for the Financial Market that the Las Urbinas Group (linked to the Santa Cruz and Yaconi families) has decided not to renew the shareholders' agreement that it holds with Petrohué Investments (linked to the Sarquis family), through which they control together 78.81 per cent of Blumar.
The decision is due to the will of Grupo Las Urbinas - in the context of its asset reordering process - to divest in the fishing aquaculture sector to redirect its investments to other businesses.
The Las Urbinas Group holds 41.3 per cent of Blumar's property, while the Sarquis family owns 37.5 per cent of the company's shares. Between both they control 78,8 per cent of Blumar stake.
YouTube video: Aqua Social | BLUMAR FINAL
Under clause 12 of the agreement, the controlling groups are obliged to sell all of their shares of Blumar S.A. in a competitive sale. This process will be led by an investment bank designated by mutual agreement within a period of 30 working days from the date of the Termination Notice. The sale must be made within a period of between six and twelve months.
Blumar operates in the sectors of fishing and salmon farming. In 2018, its aquaculture business registered a historic result, with sales of USD 315 million and an EBITDA of USD 89 million, while sales of extractive fishing reached USD 188 million and EBITDA was USD 40 million, reported La Tercera.
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