Australis expects to improve its processing capacity of salmonid species grown in the Magallanes region.

Australis buys salmon processor as it moves forward with sale to Chinese group

Australis Seafoods announced that its subsidiaries Australis Mar S.A. and Piscicultura Río Maullín SpA, subscribed with Asesorías e Inversiones Cathoms Limitada and Inversiones Aneto Limitada a purchase agreement to keep all the rights that make up the capital of Pesquera Torres del Paine Limitada.

If this transaction materializes, subject to compliance with the usual conditions in this type of contract, the two Australis subsidiaries will acquire control of Pesquera Torres del Paine and, with this, the operation of a process plant located in the city of Punta Arenas (Region of Magallanes and the Chilean Antarctic). This will allow them to improve the "processing capacity of salmonid species grown in the area, which should have positive effects on the Company's consolidated results," Australis said.

Regarding the financial effects of the transaction, the legal manager of Australis Seafoods SA, Rubén Henríquez, pointed out in an essential fact sent to the Commission for the Financial Market (CMF) that at this stage of the operation they still can not make an estimate. "Notwithstanding this, we inform that the agreed price amounts to USD 26.5 million, which is subject to adjustments specific to this type of contract, and that it will be financed through bank debt," he said.

Australis Seafoods

After announcing this agreement, Australis Seafoods confirmed yesterday that after having satisfactorily completed the due diligence process with Joyvio Group Co., its shareholders subscribed a sales contract with this Chinese group and its subsidiary BJ Joyvio Zhencheng Technology Co., Ltd. of shares called "Australis Seafoods SA Stock Purchase Agreement". Under this agreement, BJ will be able to acquire, through a share acquisition public offer (OPA) process, up to 100 percent of the shares issued by the salmon producer that operates in Chile.

"The purchase agreement is subject to compliance with the conditions indicated, which must be fulfilled no later than April 29 of this year, and may be extended for 45 days after that date in accordance with the sale contract", said the chairman of the board of Australis Seafoods SA, Martin Guiloff. In this regard, he explained that, "fundamentally, these conditions consist in the authorization of the transaction by the Chinese government authorities and by the entities of free competition in Chile, Brazil, the United States and Russia."

Once all the conditions have been met, the OPA would be launched within ten business days, "which will not be subject to conditions of success or causes of expiration," Guiloff said.

The price that will be offered in the OPA for all Australis subscribed and paid shares will be USD 880 million. Assuming there were no price adjustments and that the number of shares subscribed and paid does not change before the launch of the takeover bid, the value to be paid for each share would be USD 0.12892474779.

Related article:

-Chinese group agrees to buy Australis Seafoods for USD 880m

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