'Old' Pescanova shares rise after announcement of resumption of commercial activity in South America
Friday, August 23, 2019, 06:40 (GMT + 9)
Shares of the 'old' Pescanova recorded a 12.1% rise at the close of the trading day, after the company announced its intention to resume its commercial activity in South America.
Specifically, the company's titles, which shot up almost 20% at the beginning of the session and 15.4% after 12.00 hours, registered a slight decrease to end a 12.1% rise, up to EUR 0.51.
The firm has approved a new strategic plan in which it is set as objective together with local partners to start creating a distribution infrastructure in Bolivia, with the objective of marketing in seafood and other food products in that country.
With this new activity, the management intends to start a new phase of the company to recover its own activity and cease to be exclusively a company of mere ownership of its participation in Nueva Pescanova, in addition to being able to develop new phases and expand to other countries.
The 'old' Pescanova closed the first half of the year with losses of EUR 99,000, 44% less compared to the 'red numbers' of EUR 179,000, according to data sent to the National Securities Market Commission (CNMV).
On the other hand, the company, which has 1.6% of Nueva Pescanova, has expanded its provision this semester from EUR 15 million to 29.9 million for criminal risks and charges, due to the bankruptcy proceedings in which it is immersed today.
Source: Europa Press