China's Pingtan Sells Subsidiary Companies to Chairman

MarineLink.com
Tuesday, October 29, 2013

Nasdaq-listed Pingtan Marine Enterprise Ltd. (PME) is to sell its 100% owned dredging subsidiary, China Dredging Group  and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. business and operating assets to an affiliate of the Company's Chairman, CEO and majority shareholder Mr. Xinrong Zhuo. The Board of Directors having received an independent fairness opinion from Duff and Phelps, LLC

Highlights

  • In addition to the fairness opinion on the proposed transaction from Duff and Phelps, LLC, the Board received appraisal reports from BMI Appraisals Limited for the respective operating rights and licenses to conduct fishing services of 20 new vessels which are included as part of transaction consideration.
  • The Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company's Senior Officer, Mr. Bin Lin, unanimously approved moving forward with the transaction.
  • During a period of 30 days from the date of this press release, the Board, excluding Mr. Zhuo and Mr. Lin, will evaluate other alternative proposals received.
  • The transaction is expected to close during the fourth quarter of 2013.

Company to Receive Operating Rights for Vessels
The proposed transaction includes the transfer of exclusive operating rights for 25 years for each of the 20 new fishing vessels and licenses from Mr. Zhuo to the Company. These 20 fishing vessels received subsidies from China's central government budget in 2012, and a recent notification from the Government prohibits the sale or transfer of ownership for a period of 10 years for fishing vessels that have received such subsidies.

About Pingtan
Pingtan is a marine enterprises group, engaging in dredging services and ocean fishing through its wholly-owned subsidiaries. The group primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. It is a growing fishing company and provider of seafood in the PRC.

More information available at: www.ptmarine.com

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

CMA-CGM to Call Port of Baltimore

International container shipping company CMA-CGM of France announced that it will begin service within the next couple of weeks to the Helen Delich Bentley Port of Baltimore.

Hapag-Lloyd Expands Feeder Network in Scandinavia

Baltic Express Service (BAX) to include Oslo / Two weekly departures from Gothenburg and Helsingborg in SDX and GTE / Connection via Hamburg and Bremerhaven to

Mercury Marine Begins HQ Expansion

Mercury Marine announces 45,000 square foot EDP parts expansion to Fond du Lac global headquarters   Mercury Marine will add a 45,000 square foot expansion to

Workboats

New Launches, Demonstrations Set for Seawork

Europe’s commercial marine and workboat exhibition held in a working port, Seawork International, has released its plans for demonstrations, launches and conferences.

Ailing Mariner Medevaced Near Alaska

A U.S. Coast Guard Air Station Sitka MH-60 Jayhawk helicopter crew medevaced an ailing mariner from Deep Bay, 25 miles north of Sitka, Sunday.   The Jayhawk crew

Natural Gas Articulated Conduit System Patented

Elliott Bay Design Group (EBDG) announced that long-time partner Moran Towing Corporation has been granted US Patent 8,967,174 for "Articulated conduit systems

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

Dredging

Snarled in Traffic, Intermodal Answers Include the Water

It was just last month that the (challenged) Keefe family packed up the SUV and set out for a little bit of spring break fun, mixed in with a college visit for my son,

US Senators Want a Stop to Arctic Drilling

Eighteen U. S. senators have urged the Obama’s administration to halt Shell’s Arctic drilling plans saying that it is an unacceptable and irresponsible decision, says a report in Reuters.

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1327 sec (8 req/sec)