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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

Furuno Establishes China Subsidiary

FURUNO ELECTRIC CO., LTD. announced that its new subsidiary in Hong Kong has been established and has commenced business operation on February 1, 2016.   The new subsidiary, FURUNO CHINA CO.

Edison Chouest Opening Mississippi Shipyard

Edison Chouest Offshore locating shipbuilding operations, TopShip, LLC, in Gulfport, Miss.   Gov. Phil Bryant and officials from Edison Chouest Offshore, an offshore

Workboats

Subchapter M: The Designated Person Ashore and You

As the workboat industry marches toward Subchapter M, and ever closer to the International Safety Management (ISM) Code, the appointment of a Designated Person Ashore (DPA) becomes more important,

Insights: Benny Cenac, Jr., Owner & CEO, Cenac Towing Company

Arlen “Benny” Cenac Jr. is a third-generation owner of Cenac Towing Company. The firm, originally founded in 1927 by his grandfather, now does business as Cenac Marine Services.

Seaspan Venture: Like for Like

“We don’t usually remove the heads at mid-life on the Cummins engines,” Randy Beckler, Shore Engineer for Seaspan Marine, explained in reference to the 2003 launched

Finance

Australia Submarines: Japan Vs France

While Japan is confident it has proven itself the best contender to build Australia's new submarines, the French have moved to undermine Japan’s bid to build the navy’s new submarines.

Limit Exposure with the Uniform Commercial Code

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Dredging

Twin Dredgers for Canadian Oil Sands

Damen Shipyards Group has completed a construction contract comprising two electric-powered Cutter Suction Dredgers (CSD) for the Canadian oil sands industry. With both vessels built in Canada,

Cosco Bags Contract for Trailing Suction Hopper Dredger

COSCO (Guangdong) Shipyard Co., Ltd, has secured a  contract from a European buyer to build one 15, 000m 3 Trailing Suction Hopper Dredger.    The Singapore-listed

DEME Orders Trailing Suction Hopper Dredger

With the order of the Bonny River at Royal IHC, the Belgian dredging, environmental and marine engineering group DEME is investing in a new generation of trailing

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Winch
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: 0.0816 sec (12 req/sec)