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. 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.