Fishing fleet vessel belonging to Coloso. (Photo: Pesquera Coloso)

Pesquera Coloso to sell 20pc of Orizon

Pesquera Coloso has informed the Superintendency of Securities and Insurance (SVS) that if the controversy over the sale price of 20 per cent stake in Orizon persists, it is considering the possibility of arbitration.

Pesquera Coloso's board decided to exercise the right to sell 20 per cent of Orizon, a company that operates in a big area in the Chilean coast (from Region III to XI) and is dedicated to the capture of anchovy, sardine, horse mackerel, mackerel, hoki and squid, as well as mussel farming and processing.

Pesquera Coloso currently owns 40 per cent of Orizon.

The decision to sell half the stake was made "under the shareholders’ agreement" dated 30 November, 2010 with Pesquera Iquique-Guanaye (Igemar) and Empresa Pesquera Eperva (Eperva), stated the company's general manager, Domingo Jimenez, to the SVS.

The entrepreneur stressed that Coloso calculates the sale price of 20 per cent of Orizon at USD 53.9 million, based on valuation formulas contained in the said shareholders' agreement.

But Igemar informed the SVS that it has another valuation of the operation: it estimates that the amount corresponding to 20 per cent of Orizon should be USD 39.1 million, out of which Igemar would have to pay USD 32.65 million and Eperva, USD 6,45 million.

The information sent by Pesquera Coloso to the SVS adds: "The operation will generate a negative effect on the year’s profit of USD 18.1 million due to the difference between the sale value of the 20 per cent of Orizon and the book value of that participation in the financial statements of the company Pesquera Coloso up to 31 March, 2013," the newspaper La Tercera reported.

Jimenez highlighted the tax collector that there will be adjustments to the book value of the stake Pesquera Coloso will keep in Orizon.

That is to say, the board unanimously agreed to make an adjustment to the book value of the remaining 20 per cent that will be kept in Orizon at the same value it will be sold, so it "will generate a negative effect on the results of additional USD 18.1 million."

By Analia Murias
[email protected]
www.seafood.media

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