Orizon will produce fish meal, fish oil, canned seafood and frozen fish, as well as the cultivation of mussels. (Photo: San José/SPK/FIS)

Merger gives rise to new fishing company

CHILE
Thursday, November 18, 2010, 00:40 (GMT + 9)

With the merger of Pesquera San José and SouthPacific Korp (SPK) is born a new company in Chile, Orizon SA, which will create a new concept for the fishing company, that will be tightly integrated with scientific development and applied research.

Executives from both firms that drove the merger in July claim that Orizon will be consolidated in the country as a producer and marketer of fish meal, fish oil, canned seafood and frozen fish, as well as the cultivation of mussels, reports the newspaper Estrategia.

The Orizon Board of Directors will consist of Roberto Angelini, Jorge Andujar, Eduardo Navarro, Luis Felipe Gazitúa, Francisco Mujica, Sergio Lecaros, Jorge Matetic, Canio Corbo and Domingo Jiménez. The General Manager will be Joaquin Cruz.

The new company will have production facilities in the cities of Coquimbo, San Vicente, Coronel and Puerto Montt.

Also, they will keep the traditional San Jose and Colorado in the Chilean market for seafood and canned products.

The share capital of Orizon will split into 50.1 per cent for Pesquera Iquique-Guanaye S.A., 40 per cent to the shareholders of San Jose, and 9.9 per cent to the related Empresa Pesquera Eperva S.A.

SouthPacific Korp reported that following the merger, by increasing the social capital of USD 290,581,238.57, divided into 600 million shares with no par value, USD 343,661,148.02, divided into 1,000 million shares without nominal value, by issuing 400 million shares to be issued to shareholders of San Jose.

"The realization of the merger shall not affect the financial results of Pesquera Iquique-Guanayen S.A. until 30 November 2010. Following the merger, we must make adjustments to the accounts of assets and liabilities in accordance with the accounting policies set by the International Financial Reporting Standard (IFRS). Such adjustments will be announced when they are certain," said SPK.

Related articles:

- Merger to result in dismissal of over 200 workers
- Fishing companies to merge

By Analia Murias
[email protected]
www.seafood.media

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