Stock Exchange in Santiago. (Photo: AndreaJS/FIS/CC BY-SA 3.0)
AquaChile has just become controlling stockholder of Invertec Pesquera Mar de Chiloe(Invermar) after signing an agreement between the firm Inversiones y Tecnología Limitada – Invermar’s controlling stockholder -- and AquaChile.
After Invermar reported on this agreement to the Superintendency of Securities and Insurance (SVS), Invermar’s stocks hit yesterday more than 25 per cent on the Santiago Stock Exchange, Diario Financiero reported.
As it was detailed through the essential fact, it was agreed to propose "the terms of the capitalization of Invermar’s financial liability in the most relevant way to the creditor banks, which can allow AquaChile to purchase a controlling stock in that company from the existing creditors of Invermar; the rescheduling of the balance of this liability that has not been capitalized; and the conduction of an increase in Invermar’s capital for USD 30 million. This money will be paid by AquaChile, subject to the preferential subscription rights that are exercised.”
In the document sent to the SVS it was also noted that the said agreement is subject to compliance with the preceding conditions, which include the “performance of a due diligence satisfactory to AquaChile", the settlement of a deal with creditor banks of both companies and conducting Invermar’s shareholder meetings, "which allow the realization of the transaction, subject to the authorizations and agreements necessary to realize the projected transactions."
The parties were granted time until 30 November, 2014 to agree on the terms of the contract and other documents required to complete the operation.
Between January and June 2014, AquaChile obtained consolidated sales for USD 397.5 million, an amount that represents an increase of 16 per cent over the same period in 2013 (USD 344.5 million).
The company attributed the growth mainly to increased sales value of Atlantic salmon and trout, which recorded annual increases of USD 31 million and USD 9 million, respectively.
In terms of volume, trout and salmon harvests this semester reached 53,000 tonnes, and tilapia harvests totalled 10,000 tonnes.