Pesquera Camanchaca is to begin trading at the Santiago Stock Exchange. (Photo: Stock File/Camanchaca)
Camanchaca confirms share sales as Multiexport reap success
Wednesday, September 15, 2010, 00:40 (GMT + 9)
Pesquera Camanchaca S.A. joined the Superintendency of Securities and Insurance (SVS) yesterday to begin an application to start trading in the Santiago Stock Exchange. Executives at the firm intend to sell shares of between 25 and 30 per cent of the business before the end of the year.
The brokerage, Larrain Vial S.A., will advise Camanchaca during the process.
The company said in a statement that the initiative aims to continue to allow the business to "grow sustainably in the seafood industry and to consolidate their leadership in the markets where they operate."
The company will use the proceeds to fund an "attractive business plan." Its goals are to achieve a significant increase in the production of salmon, to create a profitable amount with their new frozen fish plant, purchase other businesses to expand their aquaculture market share and strengthen its financial position.
"We have had an interesting history of 31 years to cement ourselves, in recent years, among the ten largest fishing companies in the world," said the statement from the firm, which is engaged in salmon production in the regions of Los Lagos and Aysen, and the cultivation of mussels, oysters and abalone.
For its part, Multiexport Foods ended Monday with great success, as they sold a total of 144,809,280 shares, equivalent to 12.19 per cent of the company.
This operation within the Santiago Stock Exchange raised a total of CLP 27,514 million (USD 55.5 million), at a price of CLP 190 (USD 0.40) per share.
The result of the operation was described as very positive for both the company and Larrain Vial SA Brokerage. Both parties stressed that the order book was only opened two days ago and has already presented a demand of USD 170.9 million, exceeding by more than 3.1 times the supply of securities.
The allocation of the order book was 75 per cent for institutional investors (54 per cent domestic institutional and 21 per cent foreign institutional) and 25 per cent to investors in the retail segment.
In addition, major stakeholders with securities investment funds were awarded 44.52 per cent of the package, according to Diario Financiero.
Meanwhile, the executive director of Multiexport, José Ramón Gutiérrez, said "this capital increase will power development and puts us in a very good position to accelerate our growth plan and take advantage of the favorable outlook for the industry."
In the first half of 2010, Multiexport Foods was ranked as the second largest business in the export sales sector, so it is expected that the increase in capital will further strengthen its leadership in the industry.
By Analia Murias