China Fishery Group Ltd said on Thursday it intends to start arbitration proceedings against Veramar Azul in Peru over the latter's failure to transfer a call option that will let the Singapore-listed firm raise its stake in Copeinca ASA.
China Fishery said the arbitration against Veramar will not affect its takeover offer for Copeinca, which is Peru's second-largest fishing company.
China Fishery said in a stock exchange filing it effectively controls 65.26 percent of Copeinca shares, not including the call option shares from Veramar.
