Peruvian fishmeal and fish oil producer Copeinca announced on Monday the China Fishery Group’s offer to acquire its shareholdings did not take into account the value of its quotas.The company said that precedent transactions have implied a value of USD 89 million (EUR 68 million), USD 105 million (EUR 81 million) per 1 percent of quota. The China Fishery offered price implies a value per 1 percent of Copeinca’s harvesting quota of about USD 70 million (EUR 54 million), 33 percent lower than precedent quota transactions.
“Copeinca has a leading position in the Peruvian fisheries market, which is undergoing significant growth due to increasing demand for fish meal and fish oil particularly from Asia, whilst supply remains constrained due to wild catch fishing at sustainable levels and regulated fishing quotas,” said the company.
The company said it has a detailed business plan for continued strong growth and will provide additional details in a call with shareholders.
