China Fishery announced yesterday the acquisition of a Peruvian fishmeal company, Pesquera Alejandria SAC for US$95m. Through the acquisition, which was carried out through CFG's sub Epesca Pisco SAC, CFG will gain access to Alejandria's steam-dried fishmeal processing facility. This will boost CFG fishing quote of the annual allowable catch of Peruvian anchovy to 6.05% and 10.91% in northern and southern Peru, respectively.
In addition, the group will be able to further increase its mkt share in the Peruvian fishing industry, making it the 6th largest fishmeal co in Peru in terms of the production volume of fishmeal. The acquisition is expected to be completed by 24 May 10. Based on Bloomberg estimates, China Fishery currently trades at about 9.1xFY10 and 7.8x FY11 P/E.
No comments:
Post a Comment