Pesquera Coloso. (Photo: Pesquera Coloso)

Coloso and Angelini groups presenting arbitration background

Top executives of Sociedad Pesquera Coloso and of Angelini Group are presenting the respective background under the arbitration process established due to the controversy surrounding the sale price of Orizon.

Pesquera Coloso's board decided to exercise the right to sell 20 per cent of Orizon, a company that to a great extent operates 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 cultivation and processing of mussels.

Coloso alienated 20 per cent of Orizon at USD 53.9 million, reducing its 40 per cent participation in half- "under the shareholders' agreement signed on 30 November, 2010 with Pesquera Iquique- Guanaye (Igemar) and Empresa Pesquera Eperva (Eperva)," pointed out Pesquera Coloso chairperson, Sergio Lecaros Menendez.

But for Igemar -- a firm linked to Angelini group -- the value of 20 per cent of the shares of Orizon is USD 39.1 million, for which it would have to pay USD 32.6 million in proportion to its shareholding, and Eperva – also linked to Angelini -- more than USD 6.4 million.

Lecaros Menendez says it is not possible to offer an exact date for the settlement of the business conflict, which is scheduled to end next year, Estrategia reported.

For his part, the new CEO of Coloso, Rafael Sepulveda, explained that "the difference lies between the individual balance use made by Coloso to calculate the amount of 20 per cent of Orizon."

In this regard, he explained that "Angelini group uses the consolidated balance sheet, without considering the investments of the subsidiary Golden Omega. That is almost 80 per cent of the discrepancy."

Despite this conflict, Lecaros Menendez stressed that "the relationships with Angelini group remain excellent, Orizon directory and Corpesca are working perfectly well, both parties are interested in achieving the best development of the companies."

With regard to future investments, Coloso chairperson said they continue "seeking projects and evaluating business" and ensured that "fishing is always an area of interest for the company," Diario Financiero reported.

Related article:

- Pesquera Coloso to sell 20pc of Orizon
 

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

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