Russian Fishery Company (RRPK) consolidated 100% of the capital of Russian Pollock LLC, which is building a fish factory in the Primorsky Territory with a capacity of 155 tons of products per day. This was reported by Kommersant, with reference to the RPPK and the register data.
Russian Pollock new processing plant progress
RRPK bought 35% of the project from the co-owner of the Vladivostok Sea Fishing Port Denis Sarana. According to the Unified State Register of Legal Entities, the owner of DV Invest’s share of Sarana in 35% is now listed as Russian Pollock LLC at the structure of the RRPK. According to the representative of the group, the plant under construction in Primorye is of strategic interest to the company, and DV Invest was more of a financial investor, therefore, the parties agreed on mutually beneficial terms for the share purchase and sale transaction.
Another interlocutor does not exclude that RRPK needed a new investor partner to finance the investment program of the group and its owner. The group is building 11 vessels under an investment quota program worth about $ 100 million each. In addition, at the end of 2019, Frank's companies won ten lots with quotas for catching crab worth over 38 billion rubles.
Side view of the stern of the fishing trawler project ST-192 RFC
The Russian Pollock factory in the Nadezhdinskaya TOP will produce 155 tons of products (frozen pollock fillet, minced meat, steaks) per day. It was supposed to invest about 1.5 billion rubles in it, the launch of the enterprise was scheduled for September 2020.
According to Alexander Osin, an analyst with trading operations at the Russian stock market Freedom Finance, the value of DV Invest's stake in Russian Pollock could reach up to 700 million rubles, taking into account the forecasted revenue in 2021 of 10.9 billion rubles and capitalization at the level of 2 billion rubles.
RRPK together with the Agama group of companies (owns 49.9% of each enterprise) is developing two fish processing plants in Murmansk, these are Russian Cod and Haddock. RRPK does not plan to consolidate these assets, the company said. According to Sergey Sennikov, Deputy Director of Norebo Management Company, the competencies of Agama as a large processor with a good presence in retail chains are needed by RRPK, since the group had virtually no experience in delivering finished products to the retail market.
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