Camposol Holding PLC - Expanding the shrimp business
(Thomson Reuters ONE) -
Camposol today announces that the company is expanding its shrimp farm business
and has acquired the shrimp companies Domingo Rodas S.A. and Camarones S.A, as
well as an additional 170 Has (121 net) of shrimp farm.
Domingo Rodas S.A. was a subsidiary of the Ferreyros Group (Catepillar Peru),
focused on shrimp farming. The company owns 150 Has of shrimp farms with a
beachfront property of about 5 km. It also leases an additional 50 Has of land.
The company had sales revenues of USD 3.5 million in 2009 and an estimated
negative EBITDA of USD 0.5 million. Total assets were at USD 5.5 million, with
an equity of USD 0.2 million.
Camarones S.A. is a shrimp company owned by individual shareholders which posses
40 Has of shrimp farms.
Camposol is also acquiring an additional of 170 Has (121 net) of shrimp farm
located next to Domingo Rodas, owned by Paracas S.A. This farm is called Mar
Norte.
The acquisitions are being done through Camposol S.A.'s subsidiary Marinazul
S.A, which had revenues of USD 9.4 million and an EBITDA of USD 1.3 million in
2009.
"We are taking advantage of an opportunity to more than double the size of our
shrimp business and we see a high strategic fit between our existing and
profitable shrimp business and the two companies that we are acquiring," says
Fabio Matarazzo, CEO of Camposol.
The purchase price for 100% of the shares in Camarones S.A is USD 0.3 million
that has been paid with new shares of Marinazul S.A., which represents 5.45% of
Marinazul S.A. after the share issue. The purchase price for 100% of the shares
in Domingo Rodas S.A. is USD 150,000 and in addition Marinazul will assume a
debt that Domingo Rodas has to Ferreyros, of USD 3.6 million. The loan has an
interest rate of 3% and 8 years to maturity. For the Mar Norte shrimp farm,
Marinazul will pay USD 700,000 in cash. In addition, a bonus of USD 200,000 is
to be paid within 5 years if the prices of shrimp is not lower than USD 3.6/lb.
in a 12 months period. Investments in 2010 to upgrade the shrimp farms are
estimated to be USD 800,000.
The Company intends to integrate all the acquired companies into its subsidiary
Marinazul, and upgrade these to the same level of operational efficiency and
profitability as Marinazul. Camarones has already been integrated, and including
these acquisitions Camposol will own a total of 560 Has of shrimp farms, up from
the 250 Has owned prior to the transactions.
"The Peruvian shrimp industry has been characterized by low profitability the
last years. We are confident that we can leverage upon the good results we have
shown in Marinazul, who has the operational expertise, the experienced
management and a strong R&D focus needed to consolidate the leadership position
among the Peruvian shrimp exporters" adds Matarazzo.
For more information, please see the Company's website, www.camposol.com.pe
For further information, please contact:
CEO, Fabio Matarazzo
fmatarazzo(at)camposol.com.pe
CFO, Jorge Ramirez
jramirez(at)camposol.com.pe
Phone: +511 621-0804
About CAMPOSOL
Camposol is the leading agro industrial company in Peru, involved in the
cultivation, processing and commercialization of agricultural products such as
asparagus, sweet peppers, avocado, mango, grapes and tangerines. These are
exported as fresh, preserved or frozen products mainly to markets in Europe and
the United States of North America. Camposol encompasses a totally integrated
business from the production of raw material in the fields to processing in the
industrial plant and subsequent commercialization in Europe and the United
States. Camposol has around 25,000 own hectares of which over 6,000 are already
used for agricultural purposes, operates in 2 different locations in the
Peruvian coast, and has one fully owned processing plant for fresh, preserved
and frozen products. The company has around 10,000 part and full time employees.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1433676]
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
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originality of the information contained therein.
Source: Camposol Holding Plc. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 23.07.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 24345
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Town:
Lima 13
Kategorie:
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