Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey
   


The administration board will approve capital increase next week. (Photo: Mattes/HombredeHojalata/FIS/CC BY-SA 3.0)

Banks expand participation in Pescanova capital

  (SPAIN, 12/13/2016)

The capital increase that Pescanova needs to take off strongly and leave behind three very difficult years has already been agreed. The banks that have controlled the company for more than a year (Caixabank, Sabadell, Popular, Abanca, BBVA, Bankia and UBI) yesterday settled the agreement that they had been negotiating for several months and that ended up taking longer than nine months for differences of criteria among the entities. Financial sources yesterday ensured that, in the end, there has been consensus and the plan is no longer reversed.

Thus, the board of directors of Nueva Pescanova, which will meet next Tuesday 20, will approve the capital increase for a total of EUR 345 million.
These sources have explained that the operation will be incorporated into the audited accounts of the year-end finances, in order to avoid qualifications, since, without them, the balance of the company's own resources is negative.

The next step will be the validation of the capital increase by the shareholders' meeting, which will be postponed to the first quarter of 2017.

The investment was necessary to ensure the viability of the company, and this is something that no entity has questioned, despite the complicated negotiations maintained until reaching the economic agreement, mainly due to the impact of this injection of capital in the provisions of each shareholder.

Assured feasibility

According to what is known, with this capitalisation, the strong group, the so-called G7 (made up of the aforementioned banks, Caixabank, Sabadell, Popular, Abanca, BBVA, Bankia and UBI) will have its weight above 300 million, which will continue to have more than 50 per cent of Pescanova’s capital.

The new agreement reached is that this operation will lead to a strong increase in foreign banks, especially HSBC (now 8.9 per cent) and investment funds, such as SVP (with 6.2 per cent), which will reach more than 40 per cent due to the difference in the quality of the debt to be capitalized.

The shareholding of the creditor banks in Nueva Pescanova, prior to the planned expansion before the end of the year, places Caixabank as the first owner bank, with just over 15 per cent of the company, followed by Sabadell (14.6 per cent), Popular (9.8 per cent), Abanca (more than 8 per cent), BBVA (6.2 per cent), Bankia (5.1 per cent) and the Italian UBI (2.8 per cent).

The expansion is necessary so that the multinational firm can undertake a business plan that requires an investment of EUR 125 million in the next four years, of which 65 million will be destined to maintenance expenses of the complex infrastructure of the group, where 12,000 people work; and about 60 million more will finance capital-generating investments, according to sources close to the company. The goal is to reach 1.4 billion in sales, compared to 1,000 in 2015. The forecast for the closure of 2016 is close to 1.2 billion.

These deadlines leave practically no option to re-list the old shareholders, which has not yet been able to submit the documentation required by the regulator. Asked whether those small shareholders of Pescanova SA will enter into the capital increase, the company ensured it has no news about such an operation.


Source: La Voz de Galicia

editorial@seafood.media
www.seafood.media


Information of the company:
Address: Calle José Fernández López, s/n
City: Chapela - Redondela
State/ZIP: Pontevedra, Galicia (36320)
Country: Spain
Phone: +34 986 818 100
Fax: +34 986 818 220
E-Mail: info@pescanova.es
More about:


Location:

View Larger Map


Approval / Accreditation / Certified / Oversight by...
HACCP  E.U.  USDA/USDC & FDA 



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Blue Star Foods Starts its Soft-Shell Crab Season
New, Innovative Heat-and-Eat Offerings from Aquamar
Latest Tech Installed at Mowi’s Scottish Salmon Processing Plant
Thai Union Launches New Initiative to Decarbonize Thai Shrimp Supply Chain
Kroger Debuts New Our Brands Seafood Items
Aruna Indonesia Announces Partnership with North Coast Seafoods to Vertically Integrate Blue Swimming Crabmeat from “Trap to Table”
DS Smith Unveils DryPack Solution in U.S. Market to Help Seafood Processors Phase out Plastic Container
Pacific Seafood Releases Seventh Annual Corporate Social Responsibility Report “Beneath the Surface”
Sustainable Thermal Packaging Solutions that Saves you Money
Duravant Acquires German Equipment Manufacturer Henneken
Antarctica Advisors Acts as Exclusive Investment Banking Advisor to CentSea in the Sale to Captain Fresh
Grow-out Module, Fishmeal Plant Project, Ice Machine. What Else Will You See at Seafood Expo Eurasia?
The NFI Sushi Council Begins Inaugural Year
Seafood Expo North America Returning to Boston with Latest Innovations and Trends
Australis Introduces A New Generation of Human-Grade Single Ingredient Pet Treats
Consumers Reward Reliable Sustainability Certifications
Skandia Ahumados Launches Two New Products
NaturalShrimp, Inc. Files International Patent Applications
Packaging: a Vital Link Between Brands and Consumers
Sustainability in Feed Production and Latest Trends in Research
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
Clipfish challenges in Brazil: Port bureaucracy stops millions worth
Brazil More and more clipfish containers are being stopped in Brazilian ports. - Complicated regulations make market access challenging, to say the least, say Norwegian exporters who risk large losses. Bra...
Catches in the Sea of Okhotsk and Bering Sea
Russia Fed. Situational update as of 03/24/2024 Source: Stockfile FIS Sea of Okhotsk (pollock) According to OSM data in the Sea of Okhotsk, pollock catch (industrial and coastal fisheries) as of March 24, 20...
Productive Development of the Fishing Activity
Peru Fishing Sector Bulletin - January 2024 The landing of hydrobiological resources registered a negative interannual variation of 62.7%, as a result of the lower landing of fishing resources for indirec...
NGO Sues UK Government Over International Fishing Quotas
United Kingdom Blue Marine Foundation, a charity dedicated to restoring the ocean to health, has launched legal proceedings over the government’s decision to set fishing opportunities, for more than half UK st...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER