China buys the 3rd largest Argentine fishing company to its Spanish owner
Amasua has sold its Argentine subsidiary, Arbumasa, to the Chinese group Dalian Huafeng for €48 million.
The Spanish fishing group, whose headquarters are in Huelva, has obtained the necessary financing to meet the payment of its bank liabilities, through the sale of Arbumasa, the third largest fishing company in Argentina.
In 2012, Amasua already sold its subsidiary in Mozambique to the largest fishing group in the wordl, the Chinese CNFC.
The agreement signed with Dalian Huafeng establishes that, during the next years, Amasua will continue to manage the Argentine fleet of 10 shrimp vessels and two for the capture of squid, and continue to market the Arbumasa products in the key markets of the EU and Asia. The Chinese group keeps their exclusive distribution in China.
After the Mozambique and Argentina’s sales, the fishing activity of the Spanish company is limited ot the fishing grounds of Morocco, UK and the North Sea.
Amasua repeated turnover in 2017 compared to previous year, €107 million, but achieved net profit, while in 2016 it registered a negative balance of €4.7 million. The company plans to grow 15% this year, so it would increase its sales above €120 million.
Source: elconfidencial.com