Acuinova salmon farm. (Photo: Pescanova)

Warning on Pesca Chile’s biological asset devaluation

CHILE
Tuesday, January 28, 2014, 02:20 (GMT + 9)

Biological resources of Pesca Chile subsidiaries -Acuinova and Nova Austral- would be devaluing very fast -about 40 per cent- due to the poor nutrition they are given or even getting none repeatedly.

This critical situation occurs while Nova Austral and Acuinova are immersed in sale processes as a result of the bankruptcy of the Chilean matrix of Galician multinational Pescanova.

In addition, BCI bank requested Acuinova’s bankruptcy for a debt of EUR 4.4 million.

According to Juan Manuel Urgoiti, Pescanova president, " a salmon that should leave the farm weighing between 4.5 kg and 4.8 kg to be within the market average, has been sold weighing between 2.8 kg and 3 kg to get cash."

"This needs to be brought back and salmon must be fed as often as necessary," the employer explained Diario Financiero.

The executive said that at least no problem has been registered from the point of view of health.

Urgoiti also indicated that aquaculture conditions seem to be better now, since "all adverse issues took place in 2013."

Regarding Pescanova, the employer considered that talks with domestic and foreign banks in Spain" are progressing positively" and that "there is no need to sell subsidiaries."

"The group’s business is still alive, workers have reacted very well, the figures we have are very similar to those of the previous year and the start of the year has been very positive," he added.

Urgoiti told Diario Financiero, "The Chilean side could mean 20 or 22 per cent of future Pescanova and could mean having a major presence in the salmon concert, with plenty of room to grow."

While indicating, "what happens in Chile does not determine anything," he stressed that they will make every effort to keep these businesses.

The president of the Galician multinational also explained his reasons for favouring the bid led by Damm to start controlling the firm.

"Damm has started much earlier than the other offerings, has an advantage, it has carried out thorough audits and has a very deep knowledge of Pescanova," he highlighted.

Related article:

- Pesca Chile sale process goes forward

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

Print