China's Pingtan Board Consider Offer for Dredging Subsidiary

MarineLink.com
Tuesday, July 30, 2013

Pingtan Marine Enterprise Ltd. provider of territorial sea fishing and dredging services in the People's Republic of China (PRC), announce that its Board of Directors has received an offer from its Chairman and CEO, Mr. Xinrong Zhuo, to acquire the assets of China Dredging Group, or CDGC, and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd.

The Company's Board of Directors recently met to review the proposed terms of the offer, and as part of the process the Board has retained an independent financial advisor and investment banking firm, Duff & Phelps LLC, to provide a fairness opinion in connection with a proposed transaction (the "Proposed Transaction," as described below).   Mr. Zhuo and the Company's Senior Officer, Mr. Bin Lin, have recused themselves from all Board discussions regarding the Proposed Transaction due to their position as interested parties in the sale.

Proposed Terms and Timing


Mr. Zhuo has offered to purchase the CDGC business and assets in exchange for (i) writing off the Company's current $155.2 million promissory note (matures on June 19, 2015 and bears an interest rate of 4%); (ii) transfer certain fishing trawlers to the Company.  As part of the Proposed Transaction, the Board has also retained, BMI Appraisals Limited ("www.bmi-appraisals.com") to provide an independent valuation report on the vessels that would constitute a portion of the consideration.   BMI Appraisals is one of the leading valuation companies in Hong Kong and China.

The Board expects to continue evaluating the Proposed Transaction, and expects to deliver a decision on the final terms and conditions in the coming weeks.
 

Maritime Today


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

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

People & Company News

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Ship of the Year Award for NYK Vessel

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards

IRClass First to Certify Indian Recycling Yards per EU Standard

IRClass is amongst the first organizations in the world to certify ship recycling yards according to EU standards as an ‘Independent Verifier’. IRClass Systems and Solutions Pvt.

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Dredging

Boskalis Awarded Aberdeen Offshore Wind Farm Contract

Royal Boskalis Westminster N.V. (Boskalis) has been awarded the Offshore Balance of Plant contract by Vattenfall for the construction of Aberdeen Offshore Wind Farm,

Great Lakes Dredging Awards Announced

Great Lakes Dredge & Dock Corporation announced that it was recently awarded four contracts with an approximate value of $93 million. Great Lakes received two

Fire-fighting ASD Tugs Sail to Argentina

At the end of June, two Damen ASD Tugs 2810 set sail from Damen Shipyards Galati in Romania to Puerto General de San Martin (Argentina) for towing, mooring, and

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1365 sec (7 req/sec)