Salmon processing plant belonging to Salmex. (Photo: Stock File)

Mitsui to invest USD 100.7m in stake of Multiexport's subsidiary

CHILE
Friday, October 02, 2015, 22:30 (GMT + 9)

Multiexport Foods’ board gave the green light to the operation that will allow the Japanese company Mitsui & Co. to subscribe and pay a capital increase of USD 100.7 million in its subsidiary Salmones Multiexport SA (Salmex).

The capital increase will consist of the issuance of 3,195,712,778 ordinary shares of Salmones Multiexport, which will be fully subscribed and paid by Mitsui. As a result, Multiexport will own 76.63 per cent of Salmex and Mitsui will own the remaining 23.37 per cent.

Mitsui would pay the capital increase in part with USD 80 million in cash and partly with the input domain of all shares of Multiexport Pacific Farms, owned by its subsidiary Mitsui & Co. (US) Inc.

The subscription value of the payment shares would be additionally subject to a price increase of up to USD 24.4 million, depending on the fulfillment of Salmex financial results during the 2016-2018 period.

The agreement includes a corporate reorganization of the other subsidiaries of Multiexport Foods, so that Salmex can concentrate the entire operation of salmon business in Chile.

The funds obtained from the capital increase will be paid to improve Salmex financial position, finance capital investments and working capital of the company.

Multiexport pointed out the closing of the transaction is subject to meeting the customary conditions for this type of processes, a deadline expiring on 15 December, 2015.

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