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

People & Company News

ASA Mission Statement Revised to Expand Reach

The American Salvage Association has revised its mission statement to increase its area of influence beyond North America, complemented by a new logo that reflects the expanded direction.

New Chemical Handling Service from Ferguson Group

Tank, Fluid Solutions and Bunded Storage for Dangerous Goods and Chemicals Introduced at Gap Ridge, Karratha.    Ferguson Group Australia, global specialist in offshore DNV 2.

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Finance

The 2nd Ballast Water Management Summit

Sign-up for this year’s most in-depth exchange of information and best venue for BWT stakeholders to network and meet their regulatory peers is underway.   Infocast’s

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Study Examines Impacts of Inland Waterway Investment

The National Waterways Foundation (NWF) has commissioned and released a two-year study to examine the U.S. inland waterways’ national economic return on investment

Dredging

Study Examines Impacts of Inland Waterway Investment

The National Waterways Foundation (NWF) has commissioned and released a two-year study to examine the U.S. inland waterways’ national economic return on investment

Australia Bans Waste Dumping on Barrier Reef

Australia has ordered a ban on dumping dredge waste on most of the Great Barrier Reef, the environment minister Greg Hunt stated, as part of a push to cease the UN declaring the website in danger.

Damen's Customised Dredger for Van Oord

Damen has signed a contract with leading dredging and marine contractor Van Oord for the supply of a CSD 650 custom suction dredger together with an FCS 1605 Fast Crew Supplier,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1421 sec (7 req/sec)