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China Fishery Group is the sixth-largest fishmeal producer in Peru following its acquisition of Alejandria. (Photo: China Fishery Group)

With acquisition, China Fishery becomes major player

Click on the flag for more information about Singapore SINGAPORE
Thursday, May 20, 2010, 02:00 (GMT + 9)

China Fishery Group is finalising the purchase of Dorbes Holding Corporation, which owns 100% of Pesquera Alejandria's stock, for USD 95 million. The sellers in this deal are Silkfield International Corporation, Orbel Business Corp. and Harleston Technologies Corp.

The acquisition of Pesquera Alejandria SAC will strengthen China Fishery’s fishing capability and has transformed it into the sixth-largest fishmeal producer in Peru, the company announced on Tuesday.

The industrial fishing company said the purchase of the privately held firm was provoked by the growing popularity of fish as a healthy protein source, along with the world's burgeoning population.

“Demand for fishmeal -- a vital component of aquaculture and animal-farming feed -- has grown in tandem and is expected to remain strong over the long term,” China Fishery stated.

Fishmeal prices have soared in recent months due to growing demand and limited supply. Average market price for fishmeal has increased from about USD 900 per ton in Q3 2009 to more than USD 1,900 per ton.

Alejandria owns a steam-dried fishmeal processing facility in Peru with a capacity of 40 tonnes of raw fish per hour. It also owns six fishing vessels along with fishing permits and quotas equivalent to 0.97 per cent and 3.04 per cent of the total fishing quota of Northern and Southern Peru, respectively.

The acquisition’s net asset value is about USD 63.86 million as of 30 April 2010 and considering the valuation of facility and fishing assets.

Singapore Exchange Mainboard-listed China Fishery will up its annual quota in Northern Peru following the acquisition from 5.08 per cent to 6.05 per cent, and in Southern Peru from 7.87 per cent to 10.91 per cent of the total allowable catch (TAC) of Peruvian anchovy.

“This acquisition is in line with the Group’s strategy of seizing opportunities worldwide that will enable China Fishery to gain access to under-utilised yet abundant fish species and to achieve our dual aim of being a significant supplier of fish products to the fast-growing China market, and a leading consolidator in the global fishing industry,” Group Managing Director Ng Joo Siang said.

With a higher catch volume, the group will be able to increase its fishmeal production volume and additionally enhance the economy of scale and efficiency of its operations in Peru.

The deal is expected to be finalised by 24 May.

Earlier this month, the firm announced the increase of its annual Peruvian anchovy fishing quota from 4.85 per cent and 7.11 per cent in the North and South of Peru to 5.08 per cent and 7.87 per cent, respectively, through the acquisition of the entire share capital of Deep Sea Fishing.

Related article:

- Acquisition increases China Fishery fishing quota

By Natalia Real
[email protected]
www.fis.com


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