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Peruvian anchovy catch (Photo: Copeinca)
China Fishery Group will sell its Peruvian businesses for USD 1.7 billion
PERU
Wednesday, January 06, 2016, 01:30 (GMT + 9)
China Fishery Group, the Chinese group that just over two years ago bought the important Peruvian fishing company Copeinca for USD 800 million, now plans to sell all of its businesses in Peru, grouped into CFG Investment SAC, for USD 1.7 billion.
The decision to dispose of its Peruvian operations originates in the group failure to meet the payment of bonuses going into liquidation at the request of HSBC bank on 25 November. Earlier, Moody's had downgraded its credit rating.
The strong debt of China Fishery comes from the significant investments made for acquiring Peruvian fishing companies.
Last December, the Special Regional Administrative Court of Hong Kong appointed Edward Middleton, Fergal Poder and Kris Beighton, KPMG partners, as liquidators in an effort to preserve and protect the company’s assets.
The company Pacific Andes International Holdings Limited of Hong Kong, China Fishery matrix, announced that it reached an agreement with three of its creditor banks to sell its businesses in Peru. In addition, it said it received two non-binding offers from different stakeholders on 23 and 24 December respectively, to buy China Fishery and its Peruvian assets for USD 1.7 billion.
Related articles:
- China Fishery Group's credit rating downgraded due to unpaid loan
- Court appoints liquidators for China Fishery
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