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China Fishery's fishmeal operations in Peru. (Photo: China Fishery)
China Fishery pre-selects potential buyers for Peruvian operations
(SINGAPORE, 4/30/2016)
China Fishery informed it has hired investment bank CITIC CLSA Securities to for it to provide advice and assistance in the sale process of its fishmeal operations in Peru.
Beforehand, the firm had announced the appointment of a Chief Restructuring Officer (CRO), whose role is to, among others, oversee and lead the process and the hiring of an independent reporting accountants firm, Grant Thornton, for it to support the CRO in their functions.
Early this year, the Chinese Group revealed its intention to sell all of its Peruvian assets, grouped into CFG Investment SAC, for USD 1.7 billion. This decision was due to its failure to meet the payment of bonuses going into liquidation at the request of HSBC bank on November 25, 2015.
Now the firm informed that following inputs from all sources and the qualification of potential purchasers’ lists gathered to date, CITIC is currently focused on a shortlist of purchasers which comprises both strategic and financial investors.
It is anticipated that further prospective purchasers will be included in this list following the selective distribution of the Information Memorandum, explained China Fishery.
Meanwhile, other consultants have been engaged and are in the process of assisting in the assembling of a detailed data room, which will enable a small number of selected investors to conduct due diligence in an efficient and timely manner.
The target is to open the Data Room by early May 2016.
Finally, China Fishery communicated the current timeline provides for due diligence, submission of binding offers and commencement of negotiations with respect to a sale and purchase agreement to take place in the coming months.
Related article:
- China Fishery Group will sell its Peruvian businesses for USD 1.7 billion
editorial@seafood.media
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